RPower surges over 6% on BSE

RPower surges over 6% on BSE

Mumbai: Reliance Power on Monday jumped over 6% in the early trade on the BSE, buoyed by the company’s announcement to secure $5 billion (nearly Rs22,000 crore) funds from the US Export Import Bank for gas-based and renewable energy projects.

Shares of Anil Ambani-led power giant soared by 6.27% to hit a month-high of Rs175.40 in the start of the session on the Bombay Stock Exchange.

Witnessing a similar movement on the National Stock Exchange, the scrip climbed 6.12% to Rs175 in the morning trade.

Meanwhile, the BSE-30 benchmark Sensex was trading weak at 20,897.80, down 107.16 points from previous close.

Under the $5 billion deal, which coincides with the three-day visit of US President Barack Obama to India, Exim Bank will make available up to $5 billion in support of purchases of US goods and services for RPower’s various projects totalling about 9,000 MW.

On Saturday, RPower had also announced a deal in the presence of Obama to procure equipment worth about 10,000 crore from General Electric and other US companies for its various power and coal mining projects.