Industrialist Anil Ambani’s Reliance Power has made a tremendous comeback in the last 6 months. The company’s share price and market capitalization have increased rapidly, taking it to new heights. Reliance Power shares have been rocketing for 7 days, seeing a jump of more than 40%. After declaring bankruptcy in 2020, Anil Ambani is now making a successful comeback, in which his sons also play an important role.
Anil Ambani remained in the headlines due to negative news
While Dhirubhai Ambani’s elder son Mukesh Ambani remained in the headlines continuously, Anil Ambani’s name came up mostly due to negative news in recent years. From the near collapse of Reliance Capital to disputes with SEBI, Anil Ambani has faced many challenges. But Reliance Power’s recent plan to rise again has started a positive change in his career.
The upper circuit in stock since September 18
Reliance Power informed on September 17, 2024, that the company has paid the outstanding loan of Rs 3872.04 crore as guarantor of Vidarbha Industries Power Limited. On Monday, September 23, the board of Reliance Power approved the preferential issue in which Rs 600 crore will come from the promoter company Reliance Infrastructure. Due to this news, there has been a continuous upper circuit in the stock of Reliance Power since September 18, 2024.
The stock rose 34 percent in 6 days
From the level of Rs 31.40 on September 17, 2024, the stock has reached Rs 42.05 on September 25, 2024. That is, the stock has gained 34 percent in these sessions. This is the highest level of Reliance Power stock after April 2018. Reliance Power’s stock has gained 80 per cent in 2024, 122 per cent in one year, 150 per cent in 2 years, 220 per cent in 3 years and 1430 per cent in five years.
Why is the stock continuing to rise
There was a board meeting of Reliance Power on 23 September 2024 this month. A proposal to raise funds was presented in this meeting. The company is planning to raise funds from the global market along with the domestic market.
Let us tell you that recently the debt of two companies of Anil Ambani was reduced. After the reduction in debt, the shares of the company have risen. Along with Reliance Power, the stock of Reliance Infrastructure has also seen a rise.
Also Read – Today’s Stock Market Highlights: Sensex and Nifty Movements
