Stocks to buy: Since the release of Budget 2024, Reliance Power shares have been on an upward trend. Reliance Power’s share price peaked at ₹26.94 on July 23, 2024, and has consistently reached 52-week highs since then on the NSE. In post-Budget 2024, Reliance Anil Dhirubhai Ambani Group or Reliance ADAG stock has surged from ₹26.94 to ₹34.54, with a 30 percent appreciation in five consecutive days.
According to stock market specialists, Reliance Power is no longer in debt on its own. Reliance ADAG has redeemed its ₹800 crore debt and is set to compete with other private power sector enterprises in FY25. The Budget 2024 is a growth-oriented budget that focuses on power and infrastructure. They stated that the market anticipated the budget benefit to trickle down into the company’s balance sheet in FY25, which has boosted buying activity in Reliance Power shares. However, they noted that, despite becoming debt-free, the company is facing a significant order book difficulty, which is expected to be revealed in the coming quarters of the current fiscal year.
What are the triggers for Reliance Power shares?
Avinash Gorakshkar, Head of Research at Profitmart Securities, highlighted the elements involved in Reliance Power’s share price increase, saying, “Reliance Power is no longer a debt-ridden corporation. The company has paid off its ₹800 crore loan, becoming debt-free on its own. So the corporation can now focus on its order book, especially following Budget 2024, which is a growth-oriented budget. As a result, the market anticipates that the advantage will show up in the company’s order book in fiscal year 25. However, it would be intriguing to watch how much gain translates into Reliance Power’s financials and order book.”
Reliance Power’s target share price
Sumeet Bagadia, Executive Director at Choice Broking, stated that the share price of Reliance Power is on an upward trend. The stock has established a solid base at ₹32. Shareholders of Reliance Power should hold the stock with a trailing stop loss of ₹32 and short-term objectives of ₹38 and ₹40. New investors might purchase Reliance Power shares with a rigorous stop loss of ₹32 to achieve the aforementioned aims. To invest in this Anil Ambani-owned company, purchase on dips till the stock price reaches ₹32.”
What is the outlook for Reliance Power’s share?
RPOWER’s share price target is ₹56.93 for 2024, ₹63 for 2025, ₹70 for 2026, ₹82 for 2027, ₹94 for 2028, ₹109 for 2029, and ₹121 by 2030.
What does Reliance Power want to achieve by 2024?
RPOWER’s share price target for 2024 is predicted to range between ₹38.3 to ₹56.93, based on technical data.
Is Reliance Power a trustworthy company?
Reliance Power has a 3.8 out of 5-star employee rating based on 157 Glassdoor company reviews, indicating that the majority of employees have a positive working environment.
The owner of Reliance Power
Anil Dhirubhai Ambani is a famous Indian businessman and the creator of the Reliance Group, whose constituent businesses play critical roles in India’s current economic revolution.
Who is the true owner of Reliance?
Mukesh Dhirubhai Ambani (born April 19, 1957) is an Indian businessman who serves as Reliance Industries’ chairman and managing director. With a net worth of $123.3 billion as of July 2024, he is Asia’s richest individual and the world’s 11th richest.
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