Reliance Power shares skyrocket amidst market slump
Reliance Power, a leading company in the power sector, saw a tremendous surge in its shares on Thursday amid a market slump. The share price jumped by 6% to reach Rs. 16.97 on the fourth trading day of the week, and at the close of the business, it was up by 5.22% at Rs. 16.73.
Continuous growth in share prices
The share prices of Reliance Power have been continuously increasing over the past few days, with a 56% rise in the last three months compared to the BSE. In just one month, the share delivered a 45% return to investors, while in a week, it gave an 18% return. Currently, the 52-week low for the share is Rs. 9.05, which was recorded on March 28, 2023. In contrast, the share price was Rs. 24.95 on September 6, 2022. This is the highest 52-week level for the share.
Reasons for the surge
According to market experts, the power sector has been witnessing an increase in share prices due to the rise in power consumption during the hot weather. The demand for electricity has increased due to the scorching heat, which has boosted the share prices of companies in the power sector, including Reliance Power.
Profit in the last quarter
In the quarter that ended in March 2023, Reliance Power’s profit was Rs. 322 crore, compared to a loss of Rs. 658 crore in the same quarter of the previous year. The company’s total income for the fourth quarter of the financial year 2022-23 was Rs. 1856 crore, which was slightly lower than the same quarter of the previous year when it was Rs. 1878 crore.
In conclusion, Reliance Power’s shares have been on the rise, mainly due to the increase in demand for electricity during the hot weather. The company has also reported a profit in the last quarter, which has further contributed to the rise in share prices. Investors are seeing this as an opportunity to invest in the company and benefit from the growth potential of the power sector.
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