Ambani's deal with Jindal
Anil Ambani's company, Reliance Power, has seen consecutive upper circuit in its shares. Last Friday, this share closed at ₹26.27. Compared to the previous day, the share saw a 5% upper circuit.
The JSW Energy, a company of the Jindal Group, has acquired a major wind energy project of Anil Ambani's company. In fact, JSW Energy's unit JSW Renewables Energy has signed an agreement to acquire Reliance Power's 45-megawatt wind energy project in Washim, Maharashtra, for ₹132 crore.
Reliance Power said in a statement given to the stock market on Friday that JSW Renewables Energy (Quoted) Limited is a wholly-owned subsidiary of JSW Neo Energy Limited. This deal is expected to be completed by May 21, 2024.
Focus on becoming debt-free
According to sources of Reliance Power, the money received from the sale will be used to repay debt. Reliance Power aims to become a debt-free company by the end of this fiscal year. As of March 31, 2023, Reliance Power's total debt was approximately ₹700 crore. It is noteworthy that Reliance Power is repaying its debt with banks. Sources said that in the last three months, it has repaid its debt to three banks - DBS Bank, ICICI Bank, and Axis Bank.
Consistent upper circuit in shares
Anil Ambani's company Reliance Power has seen consistent upper circuits in its shares. Last Friday, this share closed at ₹26.27. Compared to the previous day, the share saw a 5% upper circuit. The share's previous closing was ₹25.02. The share has given a return of more than 18% in a week.
Results of December quarter
The loss of Reliance Power increased to ₹1,136.75 crore in the third quarter of the current fiscal (October-December 2023). In the same quarter of the previous fiscal year, the company had a loss of ₹291.54 crore. The company's total income increased marginally to ₹2,001.54 crore in the quarter, which was ₹1,936.29 crore in the same quarter of the previous fiscal year. The company's expenses increased to ₹3,179.08 crore.
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