Reliance Power shares surged by 5%, hitting a new 52-week high and establishing the company as a standout performer in the energy sector. The company also left behind its competitors, as it outperformed by 3.98%. This recent rise is driven by strategic moves and favorable market conditions.

The shares of Anil Ambani led Reliance Power on Wednesday (October 9) bounced back to green with its shares climbing by 5 per cent in the early trading session. The company's shares opened at Rs 45.55 apiece today,

Anil Ambani-run Reliance Group said on Wednesday it would jointly develop solar and hydro power projects in Bhutan along with the government's investment arm.

The reasons behind the rally in the stock include its classification as being in the overbought zone. An overbought stock zone refers to a situation where a security trades at the upper end of its recent price range.

Reliance Group's strategy of raising capital through equity or equity-linked long-term bonds will offer the group companies essential growth capital for their expansion plans.

Equipped with ₹17,600 crore fundraising and a zero-debt status, Anil Ambani’s Reliance Group companies — Reliance Infrastructure Ltd and Reliance Power Ltd — are poised to execute their growth strategies,

Anil Ambani’s Reliance Group said it’s partnered with Bhutan’s Druk Holding and Investments Ltd. to develop solar and hydro energy plants in the South Asian nation.

The board’s decision allows Reliance Power to issue FCCBs with a 10-year tenure at an ultra-low annual interest rate of 5 percent. These bonds will be unsecured and convertible into around 82.30 crore equity shares at a conversion price of Rs 51 per share, including a Rs 41 premium.

Reliance Power shares hit a 5 percent lower circuit amid market sell-off. The company on October 3 announced a Rs 4,200 crore Foreign Currency Convertible Bonds (FCCBs) issuance.

Reliance Power recently announced that it has cleared all its debt with banks and financial institutions, achieving zero debt as of June 30. Its net worth stands at Rs 11,155 crore on a consolidated basis.