Reliance Power shares zoomed nearly 16 percent on May 30 to hit an intraday high of Rs 60.5 apiece. Notably, this is the highest level seen by the stock in over ten years, since April 2015.
The shares are currently experiencing a surge in trading volume, nearly 2 times higher than the 10-day average. The shares of the Anil Ambani-led company have surged nearly 50 percent in the past one month. The stock has risen by a whopping 140 percent in the past one year.
Over 51.5 crore shares were involved in active trade today, as seen at 3.18 pm. This marks a whopping 245 percent jump from the volumes seen by the stock just a day ago, according to data on NSE.
Reliance Power on May 28 had announced that its subsidiary Reliance NU Energies has received a Letter of Award (LOA) for a 350 MW inter-state transmission system (ISTS)-connected solar power project coupled with a 175 MW/700 MWh Battery Energy Storage System (BESS) from Navratna PSU SJVN.
Reliance NU Energies had earlier emerged as the successful bidder in the auction for the project, with a fixed tariff of Rs 3.33/kWh for a period of 25 years. "The project was part of a larger 1,200 MW solar + 600 MW/2,400 MWh BESS tender, which attracted participation from 19 developers, with 18 qualifying for the final e-reverse auction. The tender was oversubscribed by more than 4 times, reflecting heightened industry interest in dispatchable renewable energy solutions," the company said.
The latest project will add 600 MW of solar DC capacity and 700 MWh of BESS capacity to Reliance Power's portfolio. It further said that its total clean energy pipeline now stands at 2.4 GW of Solar DC capacity and over 2.5 GWH of BESS capacity, making it India's largest player in the integrated Solar + BESS segment.
"The project reinforces Reliance Power’s strategic commitment to renewable energy leadership, while delivering sustainable value creation across stakeholders. It marks a significant milestone in the company’s strategic vision to transition toward cleaner energy sources and play a pivotal role in shaping the country’s sustainable energy future," Reliance Power further said.
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