Anil Ambani-led Reliance stock hits 10% upper circuit on big positive news! Time to BUY?

anil ambani-led reliance stock hits 10% upper circuit on big positive news! time to buy?

anil ambani-led reliance power stock hits 10% upper circuit on big positive news! time to buy?

Under Rs 30 Reliance Stock: Shares of Anil Ambani-led Reliance Group company hit 10 per cent upper circuit during intraday trade on Tuesday, rising close to their 52-week high levels. Reliance Power stock, which has shown a powerful performance in the past few months and last year, closed at Rs 28.67 apiece on BSE.

The BSE SmallCap-listed company has a market cap of Rs 11,516.66 crore and is engaged in the business of developing, constructing and operating power projects both in India as well as internationally. The Company on its own and through its subsidiaries has a large portfolio of power generation capacity.

Reliance Power Stock Rally

Shares of the Reliance Group company witnessed a remarkable rally in trade on Tuesday. Reliance Power stock zoomed 10 per cent to Rs 28.97, nearing its 52-week high of Rs 34.35, which the counter had hit in April this year.

Why are Reliance Power Shares Rising?

The big rally in the Reliance stock came after it emerged that the Ambani-led company has now become debt-free. News agency PTI recently reported that Reliance Power has become a debt-free company on a standalone basis clearing all outstanding dues to lenders. Citing sources, it added that Reliance Power had a debt of around Rs 800 crore.

This big debt has now been repaid to banks.

Reliance Power Share Price History

According to BSE analytics data, shares of Reliance Power have risen 17 per cent in the last one week and 27 per cent in the last one month. Anil Ambani’s Reliance Power stock has managed to double investors’ money in last one year, rising over 100 per cent. In the last two years, the counter has jumped 111.12 per cent.

Meanwhile, the company last month declared its financial earnings for the January-March 2024 quarter, reporting a consolidated loss of Rs 397.66 crore, mainly on account of increase in cost of fuel consumed. The company had posted Rs 321.79 crore profit in the year-ago period.

Its total income, however, soared to Rs 2,193.85 crore from Rs 1,853.32 crore a year ago.

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