September proved to be remarkable for two companies of the Anil Ambani Group, delivering impressive returns to investors. Reliance Infrastructure and Reliance Power both witnessed a 60% surge in their stock prices. This sharp rise can be attributed to positive news that boosted investor confidence significantly.
Reliance Shares Reach New Heights After 2018
In September, Reliance Infrastructure's shares surged by 60%, reaching Rs 336.20—marking the highest level since December 2018. Last week, the company received some good news as it secured a major victory in a Rs 780 crore case related to Damodar Valley Corporation.
Additionally, the company’s debt has decreased significantly, dropping from Rs 3,831 crore to Rs 475 crore. Reliance Infra has also resolved a Rs 235 crore non-convertible debenture case with Edelweiss Asset Reconstruction Company. Furthermore, the company repaid loans taken from LIC and ICICI Bank. Moving forward, Reliance Infrastructure plans to raise Rs 6,014 crore through the sale of shares and the issuance of convertible warrants.
Reliance Power Benefits from Debt-Free Status
Like Reliance Infra, Reliance Power also saw a 60% increase in its stock price during September, with shares reaching Rs 48.6 on September 30, the highest since January 2018. The company resolved a Rs 3,872.04 crore dispute with Vidarbha Industries Power Limited. All eyes are now on the company's board meeting scheduled for October 3, 2024, where approval to raise long-term funds from domestic and global markets may be granted.
