Over the last 8 trading sessions, this Reliance company has surged by more than 50 percent. Excepts believe that the stock is expected to rise even further.
Anil Ambani News: What can be termed as a major relief for Anil Ambani, his companies’ shares have constantly showing growth since the time he started reducing the debt of the businesses. For the past few sessions, the shares of Anil Ambani’s company have hit the upper circuit daily. Over the last 8 trading sessions, this Reliance company has surged by more than 50 percent. Excepts believe that the stock is expected to rise even further.
Also Read- Share Buyback Rules: Big shift from October 1! How will new tax affect shareholders, investors
The company that is witnessing the rise for the last couple of days is Anil Ambani’s Reliance Power, whose shares have been consistently hitting the upper circuit. It was after the announcement of loan settlement by Vidarbha Industries Power Limited (VIPL), acting as a guarantor, that Reliance Power’s shares saw a significant surge.
Additionally, Anil Ambani’s stock became a circuit-to-circuit stock when the company board announced the date of a board meeting to consider and approve long-term fund-raising plans.
After Vidarbha Industries Power Limited (VIPL) made the big announced on the loan settlement with Reliance Power as the guarantor, the company’s shares witnessed a sharp surge. Additionally, this stock of Anil Ambani became a circuit-to-circuit stock when the company’s board announced a meeting date to consider and approve long-term fund-raising plans.
To recall, Reliance Power had announced the settlement of a loan as a guarantor on behalf of VIPL on September 17. The company had stated, “Reliance Power Limited (Reliance Power) has today announced that all obligations of the company, as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL), have been fully settled.” Reliance Power has resolved all disputes with CFM Asset Reconstruction Private Limited (CFM).
Read More: Diffusion Engineers IPO: GMP, IPO allotment status, listing date and time – All key details here
Sumit Bagadia, Executive Director of Choice Broking, while talking to Aaj Tak stated that the stock price of Reliance Power is in an upward trend for the long term. Currently, it is trading at Rs 46.35.
The stock of the company has been constantly witnessing ups and downs, indicating a strong bullish pattern. He recommended buying on dips, with a target of ₹58 to ₹62, which could represent a potential-jump of up to 33% from the current price.
For more news like this visit Officenewz.com
