Reliance Power Share Price Soars to ₹26, Expected to Reach ₹34 Soon 📈
Investors are buzzing as Reliance Power’s share price has surged from ₹11 a year ago to ₹26 currently. Analysts predict that the share price could reach ₹34 in the coming days. Over the past five years, the company has delivered a whopping 250% return to its investors.
On Tuesday, 21st May 2024, Reliance Power’s share price was trading at ₹26.25, up by 0.38%. The company had launched its IPO in January 2008 at a price range of ₹405-450 per equity share. It was listed on the BSE index at ₹547.80 and NSE index at ₹530, with a bonus issue of 3:5 shares to investors post listing.
On Wednesday, 22nd May 2024, the share price further rose by 0.38% to ₹26.2. The stock had hit a 52-week high of ₹34.35 and a low of ₹11.06. Recently, Reliance Power cleared a debt of ₹1,023 crore of its subsidiary Reliance Commercial Finance. Additionally, its two auxiliary companies, Kalai Power Private Limited and Reliance CleanGen Limited, have signed a debt resolution agreement.
Furthermore, Reliance Power announced the sale of a 45 MW wind energy project in Maharashtra to JSW Renewable Energy for ₹132 crore. Kalai Power also transferred the development rights of a proposed 1,200 MW hydropower project in Arunachal Pradesh to TCHDC India Limited for ₹128 crore in December 2023.
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