Ever since Anil Ambani has reduced the debt of his companies, the shares are showing an upward trend every day. The shares of Anil Ambani’s company have been hitting an upper circuit every day for the last few sessions. This Reliance company has risen by more than 50 percent in the last 8 trading sessions. Now experts say that this stock is expected to rise even more.
This company of Anil Ambani is Reliance Power, whose shares are continuously on the upper circuit. Reliance Power shares have seen a stormy rise after Vidarbha Industries Power Limited (VIPL) announced loan settlement as a guarantor. Along with this, this stock of Anil Ambani became a circuit-to-circuit stock when the company board announced the date of the board meeting to consider and approve raising funds for the long term.
More than double the money in a year
The share price of Reliance Power has remained one of the circuit-to-circuit stocks of the Indian stock market since 18 September 2024, which has registered a rise of about 50% in the last eight sessions. During a year, this stock has climbed more than 142 percent. Also, from January till now, this stock has gained up to 94 percent. At the same time, this stock has jumped 64 percent in six months. At the same time, this stock has climbed 48.27% in the last one month.
What did the company say?
On September 17, 2024, Reliance Power announced loan settlement as guarantor on behalf of VIPL, saying that Reliance Power Limited (Reliance Power) today announced that all obligations of the company as guarantor on behalf of Vidarbha Industries Power Limited (VIPL) have been fully settled. Reliance Power has settled all disputes with CFM Asset Reconstruction Private Limited (CFM).
How far will this stock go?
Profitmart Securities Research Head Avinash Gorakshakar said that Reliance Power shares have been on the radar of Dalal Street bulls ever since the company achieved rapid debt relief on a single basis. Although the stock declined a bit after SEBI banned Anil Ambani from the equity market, the company is slowly but steadily coming out of debt and recently it has announced that it will settle all its outstanding loans with CFM.
Reliance Power Share can rise up to 33 percent
Talking about the technical setup, Sumeet Bagadia, Executive Director, Choice Broking said that today the share price of Reliance Power is in a long-term bullish trend, currently it is trading at ₹ 46.35, which is equal to its previous high. In the last few months, the stock has made consecutive highs and lows, which indicate a strong bullish pattern. Buying on dips is recommended, with a target of ₹ 58 to ₹ 62. It can jump up to 33 percent from the current price.