2400% gain in five years: Reliance Power share price delivers multibagger returns. Should you buy?
R Power share price has experienced significant growth, rising more than 2,400% over the last five years. It has surged nearly 79% in just three months and approximately 51% in the past month.
Recently, Reliance Power announced that its subsidiary, Reliance NU Energies, has been awarded a letter for a 350 MW solar power project, which includes a 175 MW/700 MWh Battery Energy Storage System from SJVN. When operational, this project will enhance Reliance Power's portfolio by adding 600 MW of solar DC capacity and 700 MWh of BESS capacity, thereby reaffirming its position as a leader in new energy solutions, according to a company statement.
In addition, Reliance Power has established a commercial term sheet for a long-term power purchase agreement with Green Digital Pvt Ltd, which is owned by Druk Holding and Investments Ltd, the investment branch of the Royal Government of Bhutan.
Reliance Power and Druk Holding and Investments Ltd (DHI) plan to jointly construct Bhutan's largest solar power project through a partnership with an equal share, targeting an installed capacity of 500 MW, as indicated by a company statement.
The project will require an investment of up to ₹ 2,000 crores under a Build-Own-Operate (BOO) model, making it the largest private sector foreign direct investment (FDI) in Bhutan's solar energy field so far.
In the January-March quarter of FY25, Reliance Power reported a consolidated net profit of ₹ 126 crore, attributed to reduced expenses. The company had experienced a loss of ₹ 397.56 crore during the quarter that ended on March 31, 2024, according to a regulatory filing.
Total revenue fell to ₹ 2,066 crore in the most recent fourth quarter, down from ₹ 2,193.85 crore in the same quarter last year.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, R Power share price has seen massive run from the May month swing low and is at highest point in the last five years, this recent upmove has been backed with strong volumes.
In near term prices may extend upmove however considering the overbought conditions, dips would be ideal to enter longs, ₹ 56 - 57 seems strong support whereas ₹ 72 as resistance.
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