Reliance Power share price today: Shares of Anil Ambani-led Reliance Power are down 11% from their 52-week high after the stock hit lower circuit for the second straight session on Monday. Reliance Power stock was stuck in the lower circuit of 5% at Rs 48.43 in the current session against the previous close of Rs 50.97 on BSE. Market cap of the firm fell to Rs 19,454 crore. Total 6.47 lakh shares of the firm changed hands amounting to a turnover of Rs 3.13 crore on BSE.
Reliance Power shares have a beta of 0.8, indicating very low volatility in a year. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Reliance Power's relative strength index (RSI) stands at 79, which signals the stock is trading in the overbought zone.
Jigar S Patel, Senior Manager - Technical Research Analyst, Anand Rathi said, "Support will be Rs 46 and resistance Rs 50. A decisive close above the Rs 50 level may trigger a further upside to Rs 53 . The expected trading range will be between Rs 44 to Rs 55 for the short-term."
Abhijeet Ramachandran , an Sebi registered research analyst said, "Reliance Power stock price is overbought and also bearish on the Daily charts with strong resistance at Rs 53.4. Investors should book profits at current levels as a Daily close below support of Rs 48 could lead to Rs 35 in the near term."
The stock hit its 52-week high of Rs 54.25 on October 4, 2024. However, in the same session, the stock touched its lower circuit of 5% at Rs 50.97 (on a closing basis), ending its 15-day winning streak.
The stock had been rallying since September 9 due to various triggers.
On September 16, Reliance Power stock hit the upper circuit of 5% after the firm won a large order in the renewable energy sector. The company said it secured a major Battery Storage Contract of 500 MW/1000 MWh from the Solar Energy Corporation of India (SECI). The contract positions Reliance Power as a key player in one of the world’s largest standalone battery energy storage projects.
On September 18, sentiments around the stock received another boost after the Anil Ambani led firm said it has been released and discharged of its corporate guarantee, undertakings and all obligations and claims in relation to the outstanding debt of subsidiary Vidarbha Industries Power Limited (VIPL), amounting to Rs 3,872.04 crore.
The company said it settled all disputes with CFM Asset Reconstruction Private Limited (CFM), as 100 per cent shares of VIPL have been pledged in favour of CFM against the release and discharge of corporate guarantee given by Reliance Power.
The stock hit upper circuit of 5% in the same trading session.
On September 19, Shares of Reliance Power climbed 5 per cent as the board of directors of Reliance Power were scheduled to meet on September 23 to consider and approve raising of long term resources from domestic and/or global markets.
On Sept 23, the Anil Ambani-led company announced a preferential issue of 46.2 crore equity shares worth Rs 1,524.60 crore at a price of Rs 33 per share, which was at a 14 per cent discount to Monday's closing price for the stock. The issue was proposed to be made to promoter Reliance Infrastructure Ltd and non-promoter entities Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Private Ltd (Sanjay Kothari and Meenakshi Sanjay Kothari.)
Post its much-awaited meeting on fundraising on October 3, the firm said it would allot Rs 4,200 crore worth Foreign Currency Convertible Bonds (FCCBs), to affiliates of Varde Investment Partners on a private placement basis.