Bad news for Anil Ambani as Reliance Power's shares decline by..., lost around 17 per cent of its value in just..., market cap now at Rs...
Bad news for Anil Ambani as Reliance Power's shares decline by..., lost around 17 per cent of its value in just..., market cap now at Rs...
Reliance Power's share price dropped by 5 per cent on June 17, closing at Rs. 63.63. This is the fourth day in a row the shares have fallen. In just these four days, the stock has lost around 17 per cent of its value. Earlier, the shares had seen a huge jump, rising 132 per cent in just three months and even touching a high of Rs. 76.49 earlier this month. In the last one month alone, the stock had gone up 70 per cent. But now it looks like investors are taking profits, leading to a drop in prices. The market cap of Reliance Power now stands at Rs 26242 crore, as of June 17.
Even with this fall, the stock is still doing much better than last year. On July 23, 2023, the share price was just Rs. 25.75. So right now, it's still about 147 per cent higher than that.
So far today, more than 2.1 crore shares have been traded. The P/E ratio of the stock is around 9.40, which tells us how much investors are willing to pay for its earnings. New project win for Reliance Power Subsidiary
On May 28, Reliance Power shared some good news. Its subsidiary, Reliance NU Energies, won a big project. The company got a Letter of Award (LOA) to build a 350 MW solar power project that also includes a Battery Energy Storage System (BESS) of 175 MW/700 MWh. This project is under SJVN, a government-owned company.
Earlier, Reliance NU Energies had won the bid by offering a price of Rs. 3.33 per unit of electricity for the next 25 years. This project was part of a much larger tender which included 1,200 MW of solar power and 600 MW/2,400 MWh of battery storage. The tender was very popular as 19 companies joined, and 18 reached the final round.
This project will add 600 MW of solar power and 700 MWh of battery capacity to Reliance Power's clean energy portfolio. Now, the company has a total pipeline of 2.4 GW of solar power and 2.5 GWh of battery storage, making it the largest company in India working on combined solar and battery storage projects.
Reliance Power said that this new project is a major step in its plan to focus more on clean and green energy. It believes this will help the company grow while also supporting India's goal of using more renewable energy in the future.
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