Business Business: Anil Ambani’s stock Reliance Power has been in the headlines for the last few sessions. The company’s shares rose 5% to an intraday high of Rs 31.25 on Friday. The reason for this rise in shares is the June quarter results. In fact, Reliance Power’s loss narrowed in the June quarter while the company’s revenue increased.
Reliance Power’s consolidated loss narrowed to Rs 97.85 crore in the quarter ended June 2024. The company said that its loss was reduced due to improvement in earnings. Before this, the company had a loss of Rs 296.31 crore during the April-June period of the previous financial year 2023-24. In the information given to the stock exchanges, the company said that its revenue during the quarter increased from Rs 1,951.23 crore to Rs 2,069.18 crore. On Wednesday, the company’s shares closed at Rs 29.77, down 2.01 per cent on the BSE. The company has a power plant with a capacity of about 6,000 MW.
Let us tell you that Reliance Power has an operational power generation business of 6000 MW. The company separately became net debt-free in the March quarter of FY 2024. Shares of Anil Dhirubhai Ambani Group have gained nearly 90% in the last one year and over 17% in the last six months. The stock is up 30% this year. This stock is up 3,000% in four years. The price of this stock was Rs 1 in 2020. Let us tell you that LIC has a major stake in the company. LIC holds 10,27,58,930 shares of Reliance Power. Hour 2.56% shares.
