Shares of Anil Ambani Group company Reliance Power surged over 3% in early trade on the Bombay Stock Exchange today on the back of aggressive buying by retail investors.
The stock jumped by 3.41% to an early peak of Rs 134.80 on the BSE.
In a similar fashion, Reliance Power's shares spurted by 3.98% to a high of Rs 135.80 on the National Stock Exchange. In terms of volumes, over 1.6 million shares of the company were traded on the two bourses within the first hour of trade.
Yesterday, the company's Sasan power plant in Madhya Pradesh was certified as a 'Clean Development Mechanism' project by the UN, which entitles RPower to earn and sell carbon credits realised from the reduced emissions. According to experts, this also fuelled the rally in the stock.
Reliance Power expects to earn over Rs 2,000 crore from using energy-efficient and environment-friendly coal technology at its 4,000-MW power project at Sasan, which is the first Ultra Mega Power Project from India to be registered with the Clean Development Mechanism Executive Board set up under the UN Framework Convention on Climate Change.
Meanwhile, the BSE benchmark Sensex was down 43.21 points, at 18,406.10, at 1002 hours today.
