Active Stocks
Fri Jun 14 2024 15:58:47
  1. HDFC Bank share price
  2. 1,597.45 1.05%
  1. State Bank Of India share price
  2. 840.20 -0.44%
  1. Tata Steel share price
  2. 183.05 0.30%
  1. ICICI Bank share price
  2. 1,105.10 -0.20%
  1. Kotak Mahindra Bank share price
  2. 1,717.00 -0.54%
Business News/ Markets / Stock Markets/  Why Anil Ambani-backed Reliance Power's share price is skyrocketing — explained
BackBack

Why Anil Ambani-backed Reliance Power's share price is skyrocketing — explained

Anil Ambani-backed Reliance Power's shares are rising due to the company's ₹128 crore deal with THDC for transfer of developmental rights of KalaiII hydro-electric project.

Reliance Power share may go up to ₹30 apiece levels but one must maintain strict stop loss at ₹21 while keeping any position in this Anil Ambani-backed company's stock, say market experts. (Photo: Bloomberg)Premium
Reliance Power share may go up to 30 apiece levels but one must maintain strict stop loss at 21 while keeping any position in this Anil Ambani-backed company's stock, say market experts. (Photo: Bloomberg)

Stock market today: Anil Ambani-backed Reliance Power's shares have been in the uptrend since the beginning of the current financial year 2023-24. Reliance Power shares bottomed out at 9.15 apiece levels at the end of March 2023. Since then, the stock has been moving up continuously.

Reliance Power share price today opened higher and went on to touch an intraday high of 24.25 per share, logging an intraday rise of around 4 percent in the first trade session of New Year 2024.

According to stock market experts, market is bullish on power stocks on tariff hike. Most power stocks have witnessed strong buying interest in recent months.

Also Read: Yes Bank shares cheer New Year after receipt of 150 crore from NPA portfolio sale. Experts see more upside

Reliance Power stock may go up to 30 apiece but one must maintain strict stop loss at 21 while keeping any position in this Anil Ambani-backed company's stock, say market experts.

Tariff hike in focus

“It's not just Reliance Power shares, most of the power stocks backed by big names like Tata and Adani have also ascended in recent months. Major reason for upside in these power shares is tariff hike in power sector. This is expected to improve margins of the power companies and Dalal Street bulls are betting high on power stocks these days. Reliance Power shares are getting benefit of this positive sentiment on the power stocks," said Avinash Gorakshkar, Head of Research at Profitmart Securities.

Also Read: RailTel Corporation shares extend gains for second day, hit new all-time high

Gorakshkar said that Reliance Power has transferred the development rights of its proposed 1,200 MW KalaiII hydro-electric project in Arunachal Pradesh to THDC for 128.39 crore. This is also a short-term trigger, which has attracted attention of Dalal Street bulls towards Reliance Power.

Reliance Power share price target

Expecting further upside in Reliance Power shares, Sumeet Bagadia, Executive Director at Choice Broking, said, "Reliance Power shares are looking positive and high-risk investors can hold the stock for short-term target of 28 and 30, respectively. However, one must maintain strict stop loss at 21 while keeping one's position in this Anil Ambani-backed company's stock."

 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

Also Read: LIC-backed penny stock sets record date for issuance of 1:1 bonus shares

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 01 Jan 2024, 11:47 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started