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Reliance Power shares hit upper circuit after co turns profitable

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Reliance power

NEW DELHI: Reliance Power shares hit the upper circuit in early deals on Monday after the Anil Ambani-led firm reported a consolidated net income of Rs 72.56 crore for the March quarter, mainly thanks to lower expenses.

The company had posted a consolidated net loss of Rs 4,206.38 crore for the corresponding three-month period a year ago, it said during a filing to BSE. Sales declined 7.98 percent to Rs 1,654.57 crore

The scrip hit the upper circuit of 10 percent to log a replacement 52-week high of Rs 6.62, sharply outperforming the S&P BSE Sensex index, which was up 0.59 percent at 49,495.63.

The smallcap utility company has been a multi-bagger within the last year. The counter has soared the maximum amount fourfold during this era to Rs 6.62 from Rs 1.66.

However, it had been not the sole company from the Anil Dhirubhai Ambani Group (ADAG) that traded higher on Monday after the earnings announcement.

Reliance Capital jumped 4 percent after the financial firm reported narrowing of consolidated net loss to Rs 1,649 crore for the quarter ended March. the corporate had posted a net loss of Rs 2,179 crore for the January-March quarter of the last financial year.

Reliance Home Finance gained 2.5 percent to Rs 2.85. The Reliance Capital subsidiary reported the widening of net loss to Rs 444.62 crore for the fourth quarter ended March 31. It had reported a net loss of Rs 238.37 crore within the same quarter of the previous financial year.

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