Anil Ambani-led Reliance Power hits upper circuit for third straight session; here’s why
Upstox
1 min read • Updated: March 22, 2024, 1:34 PM
Summary
Reliance Power shares were locked in their upper circuit on Friday after the company settled its debt with three banks in the last two weeks. On the NSE, the stock opened at ₹26.30, up 4.99%. Similarly, on the BSE, the stock gained ₹1.25 or 5% to get locked in the upper circuit.
Shares of Reliance Power hit their upper circuit on Friday, March 22, for the third consecutive day after the company said it settled its entire obligation with respect to its borrowings from DBS Bank India Limited.
On the NSE, the stock opened at ₹26.30, up 4.99%. Similarly, on the BSE, the stock gained ₹1.25 or 5% to get locked in the upper circuit.
In an exchange filing, the Anil Ambani-led company said that as per the settlement agreement dated January 5, 2024, the assets of its 45 MW wind power project are free from the encumbrance.
Last week, the company had settled debts with ICICI Bank and Axis Bank.
In 2023, Reliance Power shares have so far gained 9.81%, while in the last one-year period, they have surged 155.30%.
In the third quarter of FY 2023-24, the consolidated net loss of Reliance Power widened to ₹1,136.75 from ₹291.54 crore during the same period last year.
The company's total income surged to ₹2,001.54 crore in the quarter from ₹1,936.29 crore in the year-ago quarter.