Anil Ambani-owned Reliance Power share price has risen around 22% in one week
Stock market today: Reliance Power, which is owned by Anil Ambani, has seen its share price rise during the last week. During this time, Reliance Power’s share price has climbed by about 22%. Reliance Power shares began at ₹27.99 on NSE and reached an intraday high of ₹28.68 per share. While soaring to this intraday high, Reliance Power’s share price locked in a 10% upper circuit in early morning trading on Tuesday.
According to stock market experts, the Anil Ambani-owned company has become debt-free and has been able to improve operational competency, encouraging bulls’ interest in Reliance Power stock. Reliance Power’s share price has just surged to ₹28 and is expected to reach ₹36 soon.
Why is Reliance Power share price skyrocketing?
Parth Shah, Research Analyst at StoxBox, commented on the factors driving Reliance Power’s share price today, saying, “Reliance Power is gaining traction as a result of becoming debt-free on a standalone basis and paying all outstanding dues to lenders. The corporation settled their debt of roughly ₹800 crores to banks. Furthermore, the corporation would gain from the energy strategy, which is a primary focus of the newly constituted Modi 3.0 cabinet.”
| Attribute | Value |
|---|---|
| Trade | ₹31.53 |
| Change | ₹2.86 (9.98%) |
| Updated | 12 Jun 2024 |
| Day High | ₹31.53 |
| Day Low | ₹29.58 |
| Volume (BSE) | 1,51,08,962.00 |
Reliance Power share price target
Sumeet Bagadia, Executive Director at Choice Broking, believes Reliance Power’s share price has broken through at ₹28, indicating potential for further increase. The stock has a favourable chart pattern, showing potential for additional rises. In the immediate term, it might reach ₹32. If the stock closes over ₹32, it could reach ₹36 in the short term.
Sumeet Bagadia advised new investors to buy Reliance Power shares with a stop loss at ₹24 and goals of ₹32 and ₹36. Existing Reliance Power shareholders can hold the stock at current levels, with a stop loss of ₹24. Bagadia emphasised the necessity of buying on dips, especially as the stock continues above ₹24.
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