Mar 26, 2024 01:38 PM IST
Reliance Power share price today opened touched an intraday high of ₹27.60 per share. What’s happening? Will this continue?
Reliance Power share price: Shares of Reliance Power shares seen an upward trend for over a week. Bottoming out at almost ₹20 per share, that stock price of the Anil Ambani-backed company has been hitting the upper circuit since last Monday (March 18). Reliance Power shares have touched the upper circuit on all sessions except on Tuesday last week (March 19).
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How have Reliance Power shares performed in the past two weeks?
In comparison, on March 13, Reliance Power shares ended at ₹20.40 but saw a strong buying interest on March 14. In the last eight straight sessions, Reliance Power share price has risen from ₹20.40 to ₹27.60 apiece levels on NSE which means about 35 per cent appreciation.
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How are Reliance Power shares performing today?
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Reliance Power share price today opened touched an intraday high of ₹27.60 per share as it locked in a 5 percent upper circuit within minutes of the stock market’s opening bell.
Read more: Anil Ambani-led Reliance Power shares hit 5% upper circuit: What’s happening?
Why are Reliance Power shares witnessing a surge?
The shares of the company are rising amid reports that the Anil Ambani-backed company has settled its dues with ICICI Bank, Axis Bank, and DBS Bank. It was also reported that a fresh capital infusion in the company is possible. The reports added that only a working capital loan is left on the company’s books which is from IDBI Bank.
The Economic Times reported quoting a senior executive from a commercial bank as saying, “Reliance Power aims to be a debt-free company by the end of this fiscal year. The only debt on its books will be the working capital loan from IDBI Bank.”
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