Reliance Power Rises for 4th Consecutive Day, Hits 5% Upper Circuit LimitReliance Power Rises for 4th Consecutive Day, Hits 5% Upper Circuit Limit

Reliance Power, part of the Anil Ambani-led Reliance Group, saw its shares rise for the fourth consecutive day on Wednesday, August 21. The stock opened at ₹36 per share on the National Stock Exchange (NSE), gaining 4.6% compared to the previous closing price.

Shortly after the market opened, the stock hit the 5% upper circuit, reaching ₹36.14. This marks the third trading session this week where Reliance Power has hit the upper circuit, leading to a significant surge in its share price.

The rise in stock price is attributed to a recent report suggesting that Adani Power is interested in acquiring Reliance Power’s 600 MW Butibori thermal power project in Nagpur. The estimated deal value ranges from ₹2,400 crore to ₹3,000 crore, or approximately ₹4 crore to ₹5 crore per megawatt.

Vidarbha Industries Power, a division of Reliance Power, currently operates the Butibori project. Despite reporting a net loss of ₹98 crore in the June 2024 quarter, the shares saw an upward trend. This loss was lower compared to ₹296.3 crore in the same period last year.

Over the past 12 months, Reliance Power’s stock has surged by around 120%, with a year-to-date gain of approximately 50%.