Reliance Power jumps 56.78% in eight days

Reliance Power rallied 4.89% to Rs 46.36, extending gains for the twelfth consecutive trading session.

Shares of the Reliance Power jumped 56.78% in twelve trading sessions from its recent closing low of Rs 29.57 on 11 September 2024.

The stock hit a 52-week high of Rs 46.36 today. The counter has zoomed 198.52 % from its 52-week low of Rs 15.53 hit on 26 October 2023.

On the BSE, 101.46 lakh shares were traded in the counter so far compared with average daily volumes of 161.05 lakh shares in the past two weeks.

The stock had outperformed the market over the past one month, rising 49.07% as against Sensex's 4.75 % increase.

 

The scrip had outperformed the market in past three months, jumping 60.86% as against 8.01% rise in Sensex.

The counter had also outperformed the market in past one year, surging 141.58 % as against Sensex's 29.46% soared.

On the technical front, the stock's daily RSI (relative strength index) stood at 85.235. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 32.45, 29.90 and 28.26, respectively. These levels will act as crucial support zones in near term.

Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, is India's leading private sector power generation and coal Resources Company. The projects under development include coal, gas, hydro, wind and solar-based energy projects. The company's operating portfolio includes ultra mega power projects (UMPPs) of 5945 MWs. The company is primarily engaged in the business of generation of power.

The company reported consolidated net loss of Rs 1,136.75 crore in Q3 FY24 as compared with net loss of Rs 291.54 crore posted in Q3 FY23. While net sales stood at Rs 1,946.58 crore in Q3 FY24, up 3.2% year on year.

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