This reliance group stock touched a 5% upper circuit for the second consecutive day after it settled an obligation of Rs. 3,872.04 crores.
Stock Price Variations:
With a market capitalization of Rs. 13,247 crores the shares of Reliance Power Ltd touched the upper price band of 5% at Rs. 32.62 for the second consecutive day on the Bombay Stock Exchange, from Wednesday trading session the stock has generated a return of 10%.
Reason for Rise:
According to exchange filings dated September 17, Reliance Power Ltd. has settled obligations amounting to Rs. 3,872.04 crores under a corporate guarantee provided to the lenders of Vidarbha Industries Power Limited. The company also announced that it has resolved all disputes with CFM Asset Reconstruction Pvt Ltd and is now debt-free from banks and financial institutions.
Financial Performance:
For Q1 FY25 the company reported a net loss of Rs. 97.85 Crores compared to Rs.296.31 Crores in Q1 FY24 and the revenue from operations increased to Rs. 1,992.23 Crores from Rs. 1,921.82 Crores in the same period.
The company successfully reduced its losses over the past two quarters, delivering a 51% return in the last six months and an 81% return over the past year in its share price.
Future Plans
As per the exchange filings, the board of directors of Reliance Power Ltd is scheduled to meet on September 23, 2024, to consider and approve the raising of long-term funds from domestic and global markets.
About the company:
As a part of Reliance Group, Reliance Power develops, constructs and operates 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, both in operation as well as capacity under development.
The company has close to 6,000 MW of operational power generation assets.The projects under development include three coal-fired projects, one gas-fired projects and twelve hydroelectric projects, six of them in Arunachal Pradesh, five in Himachal Pradesh and one in Uttarakhand, and has two operational solar power projects in Rajasthan, One wind power projects in Maharashtra.
Written By Joseph Pv
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