RattanIndia Power shares skyrocket 35% in 2 days, firm issues clarification on sudden volume spike
Shares of
RattanIndia Power
surged as much as 12.9% on Wednesday, taking their two-day rally to 35%, amid a spike in trading volumes and strong bullish signals on technical charts. The stock touched an intraday high of Rs 16.13 on the NSE, with 20.5 crore shares changing hands.
In response to a query from the National Stock Exchange over the sharp rise in price and volumes, the company issued a formal clarification late Tuesday.
by Taboola
by Taboola
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"We wish to clarify that the Company is not aware of any reason for the recent significant increase in the trading volume of its shares. The movement in price and volume is purely market driven," the company said in a statement.
"There has been no material information or announcement that is required to be disclosed to the Stock Exchanges under applicable regulations, nor has any such information, been withheld," it added.
The company emphasized its compliance with all SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, stating that it 'adheres diligently to all disclosure requirements stipulated under its listing agreement with the Stock Exchanges.'
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Board-level change earlier this week
The clarification follows a separate disclosure made over the weekend regarding a board-level change. On Saturday, the company informed the stock exchanges that Baliram Ratna, Whole-time Director, had resigned with effect from June 6, 2025, citing personal reasons.
Mixed fundamentals, bullish technical
Despite the rally, the fundamentals present a mixed picture. In the March quarter (Q4FY25), the company's consolidated net profit plummeted 99% year-on-year to Rs 126 crore from Rs 10,666 crore a year earlier. However, consolidated revenue rose 3% to Rs 1,029 crore from Rs 996 crore in the corresponding quarter.
Technically, the stock appears to be in overbought territory. It is trading above all eight key simple moving averages (SMA), including the 5-day to 200-day SMAs, suggesting strong bullish momentum.
The Relative Strength Index (RSI) is at 82.5, indicating that the stock is "strongly overbought" and may be due for a pullback. The Moving Average Convergence Divergence (MACD) is also positive at 0.5 and remains above both the center and signal lines, reinforcing bullish signals.
Stock performance
Despite the recent gains, the smallcap stock is down 7% over the past year. However, it has jumped 61% in the past month and 42.3% in the past week, highlighting the intensity of the latest rally.
RattanIndia Power operates thermal power plants with an installed capacity of 2,700 MW at Amravati and Nashik in Maharashtra. The company says it has investments worth Rs 18,615 crore, with its facilities spanning 2,400 acres.
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