- Reliance Power said its consolidated net loss narrowed to Rs 237.76 crore in Q2 FY24 due to higher revenues.
- The company's consolidated net loss stood at Rs 340.26 crore in the year-ago period.
- Total income rose 9.55 per cent to Rs 2,130.83 crore during the quarter.
Shares of Reliance Power Ltd rose sharply in Monday's trade to hit their one-year high level. The stock surged 10.60 per cent to hit a 52-week high of Rs 22.74. At this price, the scrip has gained 151.27 per cent from its one-year low of Rs 9.05, a level seen on March 28 this year. On BSE, around 5.55 crore shares changed hands today at the time of writing this story. The figure was way more than the two-week average volume of 2.09 crore shares. Turnover on the counter came at Rs 121.57 crore, commanding a market capitalisation (m-cap) of Rs 8,639.95 crore.
Reliance Power said its consolidated net loss narrowed to Rs 237.76 crore in the September quarter (Q2 FY24) due to higher revenues. The company's consolidated net loss stood at Rs 340.26 crore in the year-ago period. Total income rose 9.55 per cent to Rs 2,130.83 crore during the quarter, from Rs 1,945.14 crore in the corresponding period last year.
On technical setup, analysts largely advised booking profits at current levels. Support on the counter could be seen at Rs 20, followed by Rs 19, Rs 18 and Rs 17. On the higher side, an analyst told BT TV that RPower may see Rs 24-28 levels in a couple of weeks.
"Traders should be booking profit at current levels as the counter has spiked a lot. Risk-reward is not looking favourable for fresh buying. Those who are already invested can expect a target price of Rs 24, keeping a strict stop loss at Rs 18," said DRS Finvest founder Ravi Singh.
"The stock is bullish and also overbought on daily charts with next resistance at Rs 24. Investors should be booking profits at current levels as a daily close below support of Rs 20 could lead to target of Rs 16.5 in the near term," said AR Ramachandran from Tips2trades said.
"RPower may see Rs 22 levels in the near term. Keep stop loss placed at Rs 19," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"One can keep a stop loss of Rs 17. On the higher side, Rs 24-28 levels could be achievable for RPower in a couple of weeks," Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, told BT TV.
Reliance Power, formerly known as Reliance Energy Generation Ltd, is a part of the Reliance Anil Dhirubhai Ambani Group. As of September 2023, promoters held 24.49 per cent stake in the company.
Earlier, it was reported that two listed Anil Ambani group companies, Reliance Power and Reliance Infrastructure Ltd, were raising over Rs 1,000 crore from Reliance Commercial Finance, a wholly-owned subsidiary of Authum Investment & Infrastructure, by preferential shares issuance.
For this, RPower allotted 7,59,77,000 equity shares to Reliance Commercial for Rs 20 apiece. Reliance Commercial, an erstwhile Anil Ambani company, was acquired by Authum through a debt resolution process. Authum Investment is a non-banking financial company (NBFC).
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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