Priyanka Tiwari
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Suspense crime, Digital Desk : Shares of Reliance Power experienced a significant rally recently, surging by approximately 5% to reach a fresh 52-week high. The stock touched ₹34.35 on the National Stock Exchange (NSE) and ₹34.39 on the Bombay Stock Exchange (BSE), marking a notable peak compared to its 52-week low of ₹13.80.
The primary driver behind this upward momentum is the company's recent successful settlement of outstanding debts with three major lenders: ICICI Bank, Axis Bank, and DBS Bank. This development is a significant positive for Reliance Power, as it effectively makes the company debt-free with these specific financial institutions.
This successful debt resolution has substantially boosted investor sentiment and confidence in the company's financial health. The market has reacted favorably, viewing this as a crucial step towards strengthening Reliance Power's balance sheet and improving its overall financial stability.
Reports indicate that the company managed to clear its obligations with these banks. This includes efforts related to its subsidiary, Vidarbha Industries Power Ltd (VIPL), and its debt resolution. By addressing these financial liabilities, Reliance Power has alleviated concerns about its debt burden, paving the way for a more positive outlook among investors.
The surge in share price reflects the market's optimistic response to these strategic financial maneuvers, which are perceived as enhancing the company's long-term viability and growth prospects.
