Anil Ambani-owned company's share price hits upper circuit, in 8 days it has surged...
Notably, many experts are optimistic about the company's future performance as well
Anil Ambani’s Reliance Power has seen a consistent rise in its stock price for the past eight trading sessions. This surge began after the company announced the settlement of its loans, where it acted as a guarantor for Vidarbha Industries Power Limited (VIPL). Following the announcement, the stock has been hitting the upper circuit since September 18, 2024.
Reliance Power’s stock closed at Rs 46.36 on Friday, marking a 5% increase. Over the past eight sessions, the stock has surged by nearly 50%.
According to reports, the company's board of directors are set to meet on October 3 to discuss raising long-term funds. This update has also contributed to the positive momentum in the stock.
The debt settlement was made on September 17, 2024, when Reliance Power cleared its obligations as a guarantor for VIPL. The company has also resolved its disputes with CFM Asset Reconstruction Pvt. Ltd., clearing its debt burden.
Since becoming debt-free, the company's stock has gained significant attention on Dalal Street. However, the stock had experienced a slight decline earlier due to a SEBI ban on Anil Ambani from securities markets, but it has since recovered.
Notably, many experts are optimistic about Reliance Power’s future performance as well.