Energy Development, RattanIndia Lead As Power Stocks Surge For Second Straight Session

Power stocks have risen on Wednesday, continuing their upward trend from yesterday. This marks the second consecutive session of gains for the sector. On Tuesday, power stocks saw significant increases, with several companies experiencing double-digit gains.

Leading the rally among top four gainers on Wednesday is Energy Development, which surged by 16.6% to reach a high of Rs 25.78. Energy Development focuses on renewable energy projects and infrastructure.

RattanIndia Power followed closely, rising by 12.88% to hit Rs 16.13. The company is involved in power generation and distribution. Indowind Energy also saw a notable increase, climbing 8.84% to Rs 23.4. Indowind Energy specialises in wind power generation. Lastly, Reliance Power gained 5.56%, reaching Rs 75.2. Reliance Power operates in the power generation and distribution sector.

On Tuesday, shares of RattanIndia Power jumped 18%, hitting a high of Rs 14.04 on the NSE amid significant trading volumes, with 19.47 crore shares changing hands.

The immediate reason for the spike was unclear, prompting the BSE to seek clarification from the company. RattanIndia Power responded, stating that they were unaware of any specific reason for the recent increase in trading volume and that the movement in price and volume is purely market-driven. As a listed entity, the company emphasised that it has no control over trading activity in the secondary market.