Reliance Power share price: The stock rose 5% to reach its upper circuit limit of Rs 23.23. At this price, it has increased 13.98% in three trading days. Reliance Power Ltd shares rose sharply for the third consecutive day on Monday. The stock gained 5% to reach its upper circuit limit of Rs 23.23. At this price, it has increased 13.98% in three trading days.
RPower, in a recent BSE filing, said, “We wish to inform you that for the purpose of the debt settlement, the company along with its Promoter, Reliance Infrastructure Ltd, as a guarantor has signed a settlement agreement with ICICI Bank Ltd on March 14, 2024. The entire obligations with respect to the borrowings of the company have been settled.”
The company’s stock experienced strong trading volume today, with over 37.51 lakh shares changing hands at the time of writing this piece. The amount exceeded the two-week average volume of 19.23 lakh shares. Turnover on the counter was Rs 8.70 crore, with a market capitalisation (m-cap) of Rs 8,853.38 crore. On a technical level, support on the counter could be seen for Rs 20. Immediate resistance will be at Rs 25. An analyst suggested exiting at current levels.
“Support will be at Rs 20 and resistance at Rs 25. A decisive close above Rs 25 level may trigger a further upside till Rs 28. Expected trading range will be between Rs 20 and Rs 30 for a month,” said Jigar Patel, Sr. Manager- Technical Research Analyst in Anand Rathi Shares and Stock Brokers
DRS Finvest founder Ravi Singh said, “The stock is not looking good. One should consider taking exit immediately. Resistance will be at Rs 25.”
Reliance Power, previously known as Reliance Energy Generation Ltd, is a subsidiary of the Reliance Anil Dhirubhai Ambani Group. As of December 2023, promoters have 24.49 percent interest in the company.
