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- Reliance Power Shares Rally 12%, Anil Ambani Group Stock Tops Rs 70 after 10 years
Mumbai32 minutes ago
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Reliance Power recorded a consolidated net profit of ₹ 126 crore in the January-March quarter of FY 25.
Anil Ambani’s company Reliance Power’s stock rose about 12% on Tuesday (June 10) on Tuesday. The company’s stock opened at Rs 65.69 in early trade. The stock then made a 52-wheel and day-high of Rs 72.23. Not only this, the company’s stock has reached beyond 70 rupees after 10 years. Earlier, the company’s stock was Rs 70 in November 2014.
However, the company’s stock market closed at Rs 71.89 with a gain of 11.25% when closes were closed. In the last 5 days, the company’s stock has climbed around 20%. In the last one month, the company has gained 68% and 60% in six months. At the same time, the company’s stock has climbed around 176% in a year. The company’s market cap is 29.33 thousand crore rupees.
Shares climbed 7,000% from low -lying level of 2020
The company’s stock became Penny Stock in April 2019. At the same time, this stock has climbed up about 7,000% from its lower level of March 2020. In the last 5 years also the company’s stock has been above 2,700%.
For the past few weeks, Reliance Power’s stock has been seeing a steady rise. The reason for this is that the company has received new projects. Apart from this, the company’s shares have also gained momentum due to the featured court rules, equity investment and profits in the March quarter.
Reliance Power’s shares due to rise
Reliance NU Energe, a subsidiary of Reliance Power, has recently received a letter of award (LOA) for Solar Power Project related to the 350 MW Inter-State Transmission System (ISTS) from the government company SJVN Limited, which is connected to the 175 MW/700 MWH Battery Energe System (Bess).
Apart from this, on May 23, Reliance Power had a deal to make Bhutan’s largest solar power project. Since these reports, the company’s stock has been seeing a steady boom.
The company will make Bhutan’s largest solar power project
This project of Reliance Power 500 MW (MW) will develop in a 50:50 joint venture in collaboration with the Bhutan company. It will cost around 2000 crores. This project will be the biggest private sector foreign direct investment (FDI) in the solar sector of Bhutan.
Reliance Power has signed a term sheet with Bhutan -based Green Digital Private Limited (GDL) owned by Bhutan -based Druk Holding and Investments Limited (Dhi). This project will be completed in a phased manner in the next 24 months.
Reliance Power is a major company in power generation and distribution sector. It is part of the Reliance Group led by Anil Ambani.
Electricity will be sold to green digital
The company said in a statement, “Reliance Power’s Total Clean Energy Pipeline is on 2.5 GW Peak (GWP) in the solar segment, which makes it the largest company in India in the Integrated Solar and Battery Energy System System (BESS) segment.”
The company said that electricity will be sold to green digital through a long-term agreement. Reliance Power has started searching for contractors through a competitive bidding process to start the project work.
The subsidiary company received solar energy order
Reliance NU Energe, a subsidiary of Reliance Power, had won the largest allocation in SJVN’s tariff -based competitive bidding process in the past. The company received the allocation of 175 MW/700 MWH battery energy stores system with 350 MW solar production capacity.
Competitive bidding process of government company SJVN Limited is a structured and transparent method. It is used to purchase goods, services or developers for renewable energy projects such as solar, wind-lore hybrid or hydropower projects.
The historic solar investment in Bhutan, reflects the strategic focus on the expansion of its renewable energy portfolio of the Reliance Group.
Reliance Power Profit for ₹ 126 crore in the fourth quarter
The company recorded a consolidated net profit of ₹ 126 crore for the January-March quarter of FY 25. In the same quarter of last year, the company had a loss of ₹ 397.56 crore. The company’s profit has increased due to the reduction in expenses.
The total income during the quarter declined to Rs 2,066 crore as compared to Rs 2,193.85 crore in the same period last year. Nevertheless, a huge reduction of Rs 2,615.15 crore to Rs 1,998.49 crore in total expenditure helped the company in the profit.
Reliance Power is part of Anil Ambani -led group
Reliance Power is a major company in power generation and distribution sector. It is part of the Reliance Group led by Anil Ambani. Its portfolio includes thermal (coal and gas), renewable (solar, wind and hydro) and battery energy storage system (BESS).
