Anil Ambani Stocks: The stock of Anil Ambani’s power company Reliance Power has hit upper circuit for the second consecutive session. In Thursday’s session, the stock of Reliance Power rose by 5 percent to Rs 43.14, after which the stock hit the circuit. In the last three sessions, the stock of Reliance Power has increased by more than 15 percent.
Why there was a bumper rise in shares?
Solar Energy Corporation of India (SECI) has withdrawn the ban imposed on Reliance Power from participating in the tender for solar projects. After this decision of Solar Energy Corporation, the way has been cleared for Reliance Power to participate in the tender of solar projects, due to which the stock is hitting upper circuit after a rise of 5 percent in two days. On Tuesday 3 December, Reliance Power had given information about the removal of this ban in its regulatory filing.
Crisis averted, stock rose 30 percent
Despite the rise in the shares of Reliance Power, the stock is trading below its 52-week high of Rs 53.64 made in 2024. There was a big fall in the stock after the decision to ban Solar Energy Corporation of India. On November 19, Reliance Power shares were trading at Rs 33.3. That means the stock had fallen 38 percent below its 52-week high. But since November 19, the stock has risen by 30 percent.
Reliance Power gave multibagger return
There has been a strong rise in the stock of Reliance Power in the year 2024. The main reason for this is that this company of Anil Ambani has become a completely debt free company. Also, Reliance Power is looking for new business opportunities in the renewable energy sector. There has been a rise of 85 percent in the shares of Reliance Power in 2024. Whereas the stock has given returns of 168 percent in 2 years, 242 percent in 3 years and 1115 percent in 5 years i.e. 11 times.
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