Reliance Power ED Case: The Enforcement Directorate (ED) is continuously taking action against Anil Ambani’s Reliance Group company. A case of fake bank guarantee of Rs 68 crore has been registered against Reliance Power of the country’s well-known businessman Anil Ambani. So far 3 arrests have been made in this regard.

Meanwhile, amidst all this, the company’s shares are continuously fluctuating. On Monday, November 10, the company’s shares rose to Rs 42.30 on the Bombay Stock Exchange (BSE). Which shows a jump of about 8 percent from the previous day’s close.

Condition of company’s shares on Monday

There is a rise in the shares of Reliance Power on Monday. At around 1:35 pm, the company’s shares were trading at Rs 41.40 on BSE with a rise of 5.50 per cent. Which shows an increase of Rs 2.16 compared to the previous day’s closing. During the trading day the company shares had reached a high level of Rs 42.30.

If we talk about the figures, the company’s shares had reached Rs 76.49 during its 52-week all-time high. Along with this, the all time low of 52 weeks was Rs 31.30.

Company’s statement in fake bank guarantee

In the fake bank guarantee case of Rs 68 crore, the company has said that the person arrested by ED has nothing to do with Reliance Power or any subsidiary unit related to it. Even after the arrest of a person named Amar Nath Dutta, a statement was issued by the company and information was given that Anil Ambani has nothing to do with all this.

Last Thursday, ED had arrested Amar Nath from Kolkata. ED alleges that Dutta played an important role in getting a fake bank guarantee to a subsidiary of Reliance Power. After the hearing in the Special Court of Delhi, Dutta was sent to ED custody for 4 days.

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On Friday, the companies of the Adag Group led by Anil Ambani in the stock market once again rocked. Reliance Power, Reliance Home Finance and Reliance Infrastructure, the three shares saw a tremendous rise. Although Reliance Power was at the forefront of these, this stock saw a rise of 19 percent in a day. Due to this boom, there was a wave of expectations among investors. Along with this, now the question has also started to arise whether this bounce is just a glimpse or the start of a long race?

Stormy boom in shares

On Friday, Reliance Power’s shares jumped 19 per cent to Rs 53, while Reliance Home Finance rose by 10 per cent and closed at Rs 3.64. On the other hand, Reliance Infrastructure shares jumped 10.5 per cent to Rs 313. There are not only the market mood behind this rally, but concrete reasons and recent steps of the company.

Reliance Power is coming so fast

If seen, there are two main companies behind this fast, Reliance Power and Reliance Infrastructure. Both companies have seen a period of heavy debt and weak performance in the past, but now their strategy, financial situation and future plans are giving new confidence to the market.

Talking about Reliance Power, it is now engaged in establishing itself as a major reabble energy player, not just power producers. Recently, Reliance’s subsidiary Nu Suntech has signed a 930 MW Solar Power and 1860 MWH battery storage deal for 25 years. This project of about 10,000 thousand crores will be the largest solar+storage plant in Asia.

At the same time, Nu Energies has also won the 350 MW Solar + 700 MWH storage project, which has strengthened the company’s clean energy portfolio. On the other hand, the term sheet has been signed with the Bhutan government for 500 MW solar project. This 2,000 crore joint venture is the largest private foreign investment ever in Bhutan.

Return to profit new fund and strong balance sheet

Reliance Power recorded a profit of 126 crores in the March quarter, while the company had a loss of 397 crores in the same quarter last year. This turnaround has been possible due to reduction in expenses and decreased finance cost.

In addition, in May, Reliance Power did a capital rage of 392 crores, which came through the warrant conversion by Reliance Infrastructure and Basra Home Finance. This has improved the company’s financial situation and increased flexibility.

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