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Reliance Power share zooms 20% on strong Q2 earnings

Share of Reliance Power climbed 20% intra day  to Rs 3.28 against previous close of Rs 2.74 on BSE

twitter-logoBusinessToday.In | October 23, 2020 | Updated 10:44 IST
Reliance Power share zooms 20% on strong Q2 earnings
Reliance Power share has gained 29.27% in the last 3 days

Reliance Power share rose in early trade today after the firm reported an over two-fold jump in its consolidated net profit for the quarter ended September 2020. Share of Reliance Power climbed 20% intra day  to Rs 3.28 against previous close of Rs 2.74 on BSE. The stock has gained 29.27% in the last 3 days.

The share trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages

The stock has lost 3% in one year and 7.45% since the beginning of this year. In a month, the share has gained 20%. Total 129.15 lakh shares changed hands amounting to turnover of Rs 4.12 crore on BSE. Market cap of the firm rose to Rs 908 crore.

The Anil Ambani-led firm reported net profit of Rs 105.67 crore in Q2, on the back of higher revenues. It had posted consolidated net profit of Rs 45.06 crore in the same quarter a year ago. Total income rose 17.3 per cent to Rs 2,626.49 crore in Q2 as compared to Rs 2,239.10 crore in year ago period,

Despite ongoing COVID-19 pandemic, the company has repaid Rs 894 crore of loan in first six months of the current fiscal and plans to repay around Rs 2,290 crore in second half of FY21, which will further improve its debt equity ratio, it said.

Reliance Power Q2 results: Profit rises over two-fold to Rs 106 crore, revenue up 17%

The company has outstanding obligations payable to lenders and its current liabilities exceed current assets as at September 30, 2020. It is confident of meeting obligations by generating sufficient and timely cash-flows through time-bound monetisation of gas-based power plant equipment and other assets of certain subsidiaries, as also realise the amount from ongoing regulatory or arbitration claims.

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