Reliance Power Shares Hit Upper Circuit Following Major Block Deals
One block deal was executed before the market opened and the others at the start of trading, with Reliance Power shares being transacted at a price of Rs 43.75 per share.
(Source: Reliance Power website)
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.
Reliance Power Share Price
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.
