Sanjiv Bhasin Penny Stock: Share price Rs 20 - BUY? Election Result 2024 Counting Day Shares

Authored by : Rishabh Raj Updated Jun 4, 2024 | 06:14 AM IST Sanjiv Bhasin Penny Stock: The stock has maintained a strong upward momentum over the past four to five weeks. (Image: iStock/ET NOW News)

Sanjiv Bhasin Penny Stock : Shares of RattanIndia Power Limited have more than doubled in just one month, rallying a whopping 116 percent in the said period.

That means, if someone had invested Rs 10,000 a month ago, they would now be sitting with Rs 11,600 profit. Their total investment value would be Rs 21,600.

RattanIndia Power Share Price On Monday, RattanIndia Power shares gave a gap up opening at 5 per cent upper circuit at Rs 20.10 per share on the NSE. The stock has maintained a strong upward momentum over the past four to five weeks, driven by expectations of positive results and continued momentum following its recent financial performance.

At the current market price the stock is trading above its short-term and long-term exponential moving averages (EMA) - 20-day, 50-day, 100-day, and 200-day EMAs. The stock has a 52-week range of Rs 3.10 and Rs 18.25 on NSE.

RattanIndia Power Q4 Results 2024 Last month, the power sector company had reported its fourth quarterly (Q4) earnings for the fiscal year 2024 (FY24). The company returned to the black, posting profits against losses on an year-on-year (YoY) basis.

RattanIndia Power last week reported a consolidated profit of Rs 10,665.75 crore in Q4 against a loss of Rs 483.19 crore in the corresponding quarter of the previous year. It is to be noted that this surge in net profit came on the wheels of exceptional gains of Rs 10,635.08 crore.

RattanIndia Power's total income came in at Rs 995.73 crore in the quarter under review, a marginal 0.72 per cent increase from Rs 988.64 crore a year ago.

For the full year, the company's consolidated net profit stood at Rs 8,896.75 against a loss of Rs 1,869.85 crore in the previous year. The total income in FY24 rose to Rs 3,704.78 crore from Rs 3,559.36 crore in the year-ago period.

Sanjiv Bhasin on RattanIndia Power Sanjiv Bhasin on Thursday (May 30) in an episode of ET NOW recalled that he gave the target of Rs 18 in the first week of May. He also reiterated that the stock now has doubled investors money.

He said, "I will go back to first week of May when I came on your channel and gave you a name - RattanIndia Power. I said unbelievable stock -Rs 2,700 crore market cap and 2,700 MW capacity. I told you then Rs 18 target, now it did a high of Rs 17.4 yesterday (May 29), and today again upper circuit. People have doubled their money in a market which has done nothing."

In an earlier ET NOW Swadesh episode, Bhasin had said, "Power sector is the new gold."

Bhasin said, "Rs 18 se pehle mat bechna. nclt se jaise hi update aayega tab dekhiyega. Badlao ke against jo share chalte hai wo unki value batate hai. Power is the new gold, Rs 18 se pehle mat bechna is share ko. bhav iska kam se kam 18. (Don't sell before Rs 18. Wait for the update from NCLT. Shares that run against changes reflect their value. Power is the new gold, don't sell this share for less than Rs 18)."

RattanIndia Power Company Profile As per the company's official website, RattanIndia Power is one of India’s largest private power generation company, with installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India with investments of Rs 18,615 crores.

The power plants are spread over an area of 2,400 acres. The company counts marquee funds like Goldman Sachs and VardePartners, USA as investors in the business.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)