On Monday, December 16, 2024, shares of Reliance Power saw a notable rise, gaining over 1% and reaching a daily high of ₹48.50 on the BSE at 10:45 AM. The stock opened at ₹47.50 and approached the upper price band of ₹49.81. Over the past year, Reliance Power shares have delivered a remarkable return of 99.5%, and its shares have risen by approximately 52.6% in the last six months.
On December 9, 2024, Reliance NU Energies Private Limited (formerly Atos Trading Private Limited), a subsidiary of Reliance Power, appointed Shri Mayank Bansal as Chief Executive Officer and Shri Rakesh Swaroop as Chief Operating Officer. The appointments aim to strengthen the renewable energy portfolio and accelerate the group’s efforts in advancing sustainable energy solutions.
In another significant development, Reliance NU Suntech Private Limited, a subsidiary of Reliance Power, secured a major contract to develop a 930 MW solar energy project with an integrated battery energy storage system (BESS). The contract was awarded by the Solar Energy Corporation of India (SECI) following an e-reverse auction held on December 9, 2024.
Reliance Power reported a significant turnaround in its financial performance for the July-September 2024 quarter. After a loss of ₹237.76 crore during the same period in 2023, the company has posted a substantial profit. The surge in profitability was primarily driven by an exceptional gain of ₹3,230.42 crore, attributed to the deconsolidation of a subsidiary. Additionally, Reliance Power is now debt-free, marking a major milestone for the company.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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