Shares of Anil Ambani’s company Reliance Power rose nearly 16% today (May 30) on Friday. The company’s share opened at Rs 52.52 in early trade. The share then made a 52-week and day-high of Rs 60.50.
However, the company’s share market closed at Rs 58.09, up 11.24% when it closed. The company’s share has risen 45% in the last one month and 50% in six months. At the same time, the company’s share has risen 135% in one year. The market cap of the company is Rs 23.97 thousand crores.
There are two reasons for the rise in the company’s shares. 1st – Reliance NU Energies, a subsidiary of Reliance Power, recently received a Letter of Award (LOA) from the state company SJVN Limited for a solar power project connected to a 350 MW inter-state transmission system (ISTS) connected to a 175 MW/700 MW battery energy storage system (BESS).
Second – On May 23, Reliance Power had a deal to build Bhutan’s largest solar power project. Since this news, this continuous rise is being seen in the company’s shares.
Reliance Power will develop this 500 MW (MW) project in a 50:50 joint venture in collaboration with a Bhutanese company. It will cost around Rs 2000 crore. This project will be the largest ever private sector Foreign Direct Investment (FDI) in Bhutan’s solar sector.
Reliance Power has signed a term sheet with Green Digital Private Limited (GDL), owned by Bhutanese company Druk Holding and Investments Limited (DHI). The project will be phased out over the next 24 months.
Reliance Power’s Total Clean Energy Pipeline is at 2.5 gigawatts peak (GWp) in the solar segment, making it India’s largest company in the Integrated Solar and Battery Energy Storage System (BESS) segment, the company had said in a statement
The company said the power will be sold to Green Digital through a long-term agreement. Reliance Power has started searching for contractors through competitive bidding process to start the project work.
Reliance NU Energies, a subsidiary of Reliance Power, had recently won the biggest allocation in SJVN’s tariff-based competitive bidding process. The company had secured an allocation of 175 MW/700 MWh Battery Energy Storj System with 350 MW solar generation capacity.
The competitive bidding process of the government company SJVN Limited is a structured and transparent method. It is used to purchase goods, services or select developers for renewable energy projects such as solar, wind-solar hybrid or hydropower projects.
Company recorded consolidated net profit of ₹126 crore for January-March quarter of FY25. In the same quarter of last year, the company had a loss of ₹397.56 crore rupees. The company’s profit has increased due to reduction in expenses.
Total income during the quarter declined to Rs 2,066 crore compared to Rs 2,193.85 crore in the same period last year. Nevertheless, the huge shortfall in total expenditure from Rs 2,615.15 crore to Rs 1,998.49 crore helped the company to come into profit.
Reliance Power is a leading company in the power generation and distribution sector. It is part of Anil Ambani led Reliance Group. Its portfolio includes thermal (coal and gas), renewable (solar, wind and hydro) and battery energy storage systems (BESS).
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