Shares of Reliance Power were stuck in the upper circuit of 5% in early deals today ahead of a meeting of board today to consider and approve raising of long term resources from domestic and/or global markets. Reliance Power stock rose 5% to Rs 38.16 against the previous close of Rs 36.35 on BSE. This is the 8th straight session of rally for the power sector stock. Market cap of the firm climbed to Rs 15,328 crore. Total 24.91 lakh shares of the firm changed hands amounting to a turnover of Rs 9.50 crore on BSE.
Reliance Power shares have a beta of 0.9, indicating very low volatility in a year. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Reliance Power’s relative strength index (RSI) stands at 70.8, which signals the stock is trading in the overbought zone.
“Reliance Power has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 23/09/2024 ,inter alia, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate,” said the firm according to the reports published in businesstoday.in.
The Anil Ambani firm’s stock was in news last week after the private sector power generation company said it has been released and discharged of its corporate guarantee, undertakings and all obligations and claims in relation to the outstanding debt of subsidiary Vidarbha Industries Power Limited (VIPL), amounting to Rs 3,872.04 crore.
The company said it settled all disputes with CFM Asset Reconstruction Private Limited (CFM), as 100 per cent shares of VIPL have been pledged in favour of CFM against the release and discharge of corporate guarantee given by Reliance Power.
