Reliance Power shares plunged 5 percent to get locked in the upper circuit at Rs 63.63 apiece on June 17, extending losses for the fourth consecutive session. The shares of the Anil Ambani-led company have dropped nearly 17 percent in the past four sessions now, after a significant bull run.
Reliance Power shares recently saw a significant surge, jumping by a whopping 132 percent in three months to hit a record high of Rs 76.49 apiece earlier this month. The shares gained nearly 70 percent in the past one month. However, investors may have now booked profits at the elevated levels, causing the decline in the share price.
Over 2.1 crore shares of the company have been involved in active trade so far during the day, and the stock currently has a P/E ratio of 9.40. Despite the recent downturn, the stock is still a whopping 147 percent higher than its 52-week low of Rs 25.75, which it had hit on July 23 last year.
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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