Reliance Power Share Price: Stock Continues Bull Run, Surges Over 6%; Reliance Infra Soars High

Reliance Power's stock rose over 6% during the early trading hours on Wednesday to reach a new 52-week high of Rs 76.49 on the NSE, continuing a rally that has seen the stock rise 163% over the past year and 76% over the past month. AT around 10:32 am, the shares of Anil Ambani-led power company were trading at Rs 75.48, up 5.98% against the previous day's closing price.

Project victories, favourable court decisions, equity infusion, and a return to profitability in the March quarter have all helped to boost the stock in recent weeks. It has risen 10% in the last week after rallying 45.5% in May.

The company's subsidiary, Reliance NU Suntech, signed a 25-year power purchase agreement (PPA) with SECI last month for the largest single-location solar and battery energy storage project in Asia, which combines 465 MW/1,860 MWh of BESS with 930 MW of solar capacity. With a maximum investment of Rs 10,000 crore, the project will be developed over 24 months.

Furthermore, another subsidiary, Reliance NU Energies, recently signed a commercial term sheet with Druk Holding and Investments Ltd. of Bhutan to co-develop the nation's largest solar power project and acquired a 350 MW solar-BESS project from SJVN.

Reliance Infra

Following a major victory by Mumbai Metro One Pvt Ltd (MMOPL), a subsidiary of Anil Ambani's Reliance Infrastructure, shares of Reliance Infrastructure, a division of the Anil Dhirubhai Ambani Group (ADAG), reached a new 52-week high. About its dispute with the MMOPL, the Mumbai High Court has requested that the Mumbai Metropolitan Region Development Authority (MMRDA) deposit the Rs 1,169 crore arbitration award with the court registry.

Following this event, Reliance Infrastructure's stock increased 4.10 per cent to reach a new 52-week high of Rs 421. The counter's 52-week low is Rs 169.75. The company's market value is Rs 16,092 crore.

Disclaimer: This is just a piece of news about recent developments in the stock. Jagran does not advise investing. Please take an expert opinion before investing.