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Shares of Anil Ambani Group company Reliance Power surged by over 3 per cent in the early trade on the Bombay Stock Exchange today on the back of aggressive buying by retail investors.
The stock jumped by 3.41 per cent to an early peak of Rs 134.80 on the BSE. In a similar fashion, the scrip spurted by 3.98 per cent to a high of Rs 135.80 on the National Stock Exchange.
In terms of volumes, over 16 lakh shares of the company were traded on the two bourses within the first hour of trade.
Later in the pre-noon session, the scrip was trading up by 2.76 per cent at Rs 133.95 on the BSE and higher by 2.22 per cent at Rs 133.50 on the NSE.
On Thursday, the company’s Sasan power plant in Madhya Pradesh was certified as a ‘Clean Development Mechanism’ project by the United Nations, which entitles RPower to earn and sell carbon credits realised from reduced emissions. According to experts, this also fuelled the rally in the stock.
Reliance Power expects to earn over Rs 2,000 crore from using energy-efficient and environment-friendly coal technology at its 4,000-MW power project at Sasan, which is the first Ultra Mega Power Project from India to be registered with the Clean Development Mechanism Executive Board set up under the UN Framework Convention on Climate Change.
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