Why is Anil Ambani-backed Reliance Power share price is skyrocketing — explained
₹20 apiece level on 13th March 2024, Reliance Power share price finished at ₹26.30 per share level on Friday last week. So, in the last seven straight sessions, this Anil Ambani-backed company's stock has surged to the tune of over 30 percent. Out of the five sessions in the week gone by, Reliance Power share price touched the upper circuit in four sessions.
The only session in which, Reliance Power stock price failed to lock in the upper circuit was on Tuesday. According to stock market experts, Reliance Power shares are skyrocketing these days on the new buzz that the Anil Ambani-backed company has settled dues with ICICI Bank, Axis Bank, and DBS Bank. The news reports are claiming that now only a working capital loan is left on its books from IDBI Bank.
They said that some credit for the recent Reliance Power share price rally can be attributed to the capital infusion move by Reliance Commercial Finance. They said that Reliance Power share price today has strong support placed at ₹22 apiece level whereas it is facing a hurdle at the ₹30 per share mark. On breaching this immediate hurdle, Reliance Power share price may soar to the tune of ₹34 per share level.
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