Mon Oct 07 12:53:15 UTC 2024: ## Anil Ambani’s Reliance Power Stock Hits Upper Circuit for 9th Consecutive Day
**Mumbai:** Shares of Reliance Power, owned by Anil Ambani, have been on a remarkable run, hitting the upper circuit for the ninth consecutive day on Monday. The stock surged by 4.98%, closing at ₹48.66 on the National Stock Exchange, a new 52-week high. This surge comes as the company has been diligently paying off its debt.
The company’s shares have been on an upward trajectory since September 17th, when they closed at ₹31.40. The consistent rise has fueled investor interest, particularly with the company’s board meeting scheduled for October 3rd, where they are expected to discuss a funding proposal.
Despite a dip in the initial trading session on Monday, where the stock opened at ₹46.25, a profit booking was seen. However, the stock recovered and eventually closed at its new high, marking a significant turnaround.
Reliance Power has been actively reducing its debt burden. Recently, the company, along with its subsidiary Rosa Power, pre-paid a loan from Singapore-based lender Verde Partners. Rosa Power is aiming to clear all outstanding debt in the next quarter, with a target to complete the process by the end of the current financial year.
Experts attribute this bullish sentiment to the company’s successful debt repayment, which has instilled confidence in investors. While the stock’s performance has been impressive, it is important to note that this information should not be considered investment advice.
[Disclaimer: The above information should not be considered investment advice. Zee Telugu website advises its readers to consult with their financial advisors before making any financial decisions.]
First Piper 