Reliance Power Shares Hit Upper Circuit Following Major Block Deals

Reliance Power Ltd.'s share price hit the upper circuit limit with a nearly 5% increase on Friday, after three substantial block deals. One was executed before the market opened and the others at the start of trading, with shares being transacted at a price of Rs 43.75 per share, totaling Rs 67.85 crore for approximately 1.55 crore shares.

This upward trend follows a noteworthy block deal on Sept. 25, where shares worth Rs 357 crore changed hands, representing a 2.1% stake in Reliance Power. Approximately 8.6 crore shares were sold at a floor price of Rs 42 per share, reflecting a positive movement from the previous closing price.

On Sept. 24, the momentum began when Reliance Power shares also hit the 5% upper circuit after the company announced a preferential issue of 46.2 crore equity shares valued at Rs 1,524.60 crore, priced at Rs 33 per share. This price marked a 14% discount compared to the closing price on Sept. 23, spurring investor interest and contributing to the stock's recent performance.

Shares of Reliance Power rose as much as 4.98% to Rs 46.35 apiece. They were trading at the same level at 10:17 a.m., compared to a 0.21% advance in the NSE Nifty 50.

The stock has risen 141.41% in the last 12 months. Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 85.26.