Reliance Power shares hit upper circuit on large order win; key details

Shares of Reliance Power were stuck in the upper circuit of 5% in the afternoon session today after the firm won a large order in the renewable energy sector. The company said it secured a major Battery Storage Contract of 500 MW/1000 MWh from the Solar Energy Corporation of India (SECI). The contract positions Reliance Power as a key player in one of the world’s largest standalone battery energy storage projects.

Reliance Power’s winning bid came with a tariff of Rs 3.8199 lakh per MW per month. This contract marks Reliance Power's entry into the renewable energy ans storage sector in India.

SECI held the auction on September 11.

Reliance Power stock rose 5% to Rs 31.32 in the afternoon session against the previous close of Rs 29.93 on BSE. Market cap of the firm climbed to Rs 12,581 crore. Total 48.88 lakh shares of the firm changed hands amounting to a turnover of Rs 14.99 crore on BSE.

Reliance Power shares have a beta of  0.8, indicating very low volatility in a year. The stock is trading higher than the 5 day, 10 day, 50 day, 100 day, 150 day, 200 day but lower than the 20 day and 30 day  moving averages.

Reliance Power's relative strength index (RSI) stands at 44.8, which signals the stock is trading neither in the overbought nor in the oversold zone.