Reliance Power shares surge 5% in early trading on October 9

On October 9, 2024, Reliance Power, led by Anil Ambani, experienced a notable recovery in its stock performance, with shares climbing by 5% in early trading. The stock opened at Rs 45.55 and reached an intraday high of Rs 48.27, marking a significant turnaround after a three-day downward trend. This positive movement in the stock price is a welcome change for investors who have been concerned about the company's recent struggles in the market. The surge in Reliance Power's shares is particularly striking when compared to the broader market trends. The stock is currently trading above its 20-day, 50-day, 100-day, and 200-day moving averages, although it remains below its 5-day moving average. This performance indicates a potential shift in investor sentiment and market confidence in the company. In addition to the stock performance, Reliance Power has secured a major contract from the Solar Energy Corporation of India for a 500 MW/1000 MWh battery storage project. This development is expected to enhance the company's portfolio and contribute positively to its future growth prospects. Furthermore, on September 10, 2024, Reliance Power announced that it had been released from all obligations related to the outstanding debt of its subsidiary, Vidarbha Industries Power Limited, amounting to Rs 3,872.04 crore. This release from debt obligations is likely to provide the company with greater financial flexibility moving forward.