In a surprising turn of events, two Anil Ambani-led companies — Reliance Power and Reliance Infrastructure — hit their upper circuit limits on August 20, 2025. The twin rally in these stocks caught the attention of retail investors, market watchers, and analysts alike. While Reliance Power was locked at around ₹47.70, Reliance Infrastructure surged to nearly ₹289.25, both touching their 5% upper circuit limits.
This sudden surge was not just another speculative spike. Solid renewable energy deals, international joint ventures, and a growing investor appetite for power and infrastructure stocks in India backed it. Let’s break down what actually happened, why the market reacted so positively, and what it means for investors in the long run.
The Big Day for Anil Ambani Stocks
On August 20, 2025, two of Anil Ambani’s major listed entities — Reliance Power (RPower) and Reliance Infrastructure (RInfra) — witnessed a wave of buying that pushed them to their daily maximum gains.
- Reliance Power (RPower): Locked at 5% upper circuit, closing at ₹47.70.
- Reliance Infrastructure (RInfra): Surged nearly 5%, ending the session at ₹289.25.
This was the second consecutive day of strong momentum for these counters, making them some of the most talked-about stocks on Dalal Street.
What Triggered the Rally?
The rally was not without reason. Two major announcements acted as the catalyst for this price action:
1. Reliance Infrastructure’s Solar + Battery Project with NHPC
Reliance Infrastructure secured a Letter of Award (LoA) from NHPC Limited, India’s largest hydropower company. The project involves:
- A 390 MW inter-state transmission system (ISTS) solar project.
- Coupled with a 780 MWh Battery Energy Storage System (BESS).
- Estimated solar capacity: 700 MWp DC.
- Tariff fixed at just ₹3.13 per unit, one of the lowest in the industry.
This deal is significant because it places RInfra at the center of India’s renewable energy transition. The integration of battery storage ensures round-the-clock green power, something India is aggressively pursuing to meet its net-zero targets.
Market experts see this project as a game changer for Reliance Infrastructure, which has been striving to reduce debt and reposition itself as a key player in sustainable infrastructure.
2. Reliance Power’s Bhutan Joint Venture in Clean Energy
Meanwhile, Reliance Power made headlines by announcing a joint venture in Bhutan. Through its subsidiary, the company partnered with Green Digital Private Limited (GDL) to form GDL–Reliance Solar Pte Ltd.
- Reliance Power holds a 25% indirect stake in the JV.
- The venture is aimed at expanding solar and renewable energy capacity in Bhutan.
- The deal aligns with the Government of India’s push for cross-border green energy partnerships, especially with neighboring countries like Bhutan and Nepal.
For Reliance Power, this marks a strategic international expansion beyond Indian borders. Investors cheered the move as it signaled long-term revenue streams and reduced dependency on traditional coal-based power projects.
Why Investors Rushed to Buy
The stock market often reacts positively when companies announce transformational deals. In this case, both Reliance Infrastructure and Reliance Power showed strong potential to benefit from India’s renewable energy boom.
Key Reasons Behind Investor Optimism:
- Green Energy Push: Both deals are in the renewable energy sector, a space where the government is offering policy support, subsidies, and fast approvals.
- Debt Concerns Easing: Anil Ambani-led companies have long struggled with debt. Fresh projects and international collaborations signal a revival, boosting investor confidence.
- Strong Buying Sentiment: Once stocks hit upper circuits, momentum traders and retail investors usually pile in, creating a chain reaction.
- Positive Media Coverage: News of the NHPC project and Bhutan JV was widely covered, amplifying visibility and attracting fresh inflows.
Performance of Anil Ambani Group Stocks
The broader trend for Anil Ambani’s companies has been quite mixed in recent years. While Reliance Group’s listed entities have faced challenges, the past 12–18 months have seen a turnaround story brewing.
Stock Price Trends (Last 1 Year Approx):
- Reliance Power: Up nearly 200% year-on-year, fueled by clean energy announcements.
- Reliance Infrastructure: Gained over 150% in the past 12 months, supported by infrastructure deals and debt restructuring.
These returns may look phenomenal, but investors must note that both stocks had been trading at very low valuations for years. Thus, the sharp rally partly reflects a catch-up effect.
Market Experts’ Take
Market analysts are divided on whether this surge is sustainable.
- Bullish View: Optimists believe that these deals mark a revival of Anil Ambani’s empire. With renewable energy at the forefront, both RPower and RInfra could become multi-baggers over the next 3–5 years.
- Cautious View: Skeptics argue that while the announcements are positive, execution risks remain. Past debt issues and delayed projects could haunt the companies if not managed efficiently.
Still, the overall sentiment remains positive for the short to medium term, especially given the strong backing of India’s renewable energy policies.
Broader Impact on Indian Stock Market
The rally in Reliance Power and Reliance Infrastructure is part of a larger trend in the Indian markets:
- Power Stocks Rallying: Shares of NTPC, Tata Power, Adani Green, and JSW Energy have all seen strong gains in 2025, riding on the clean energy wave.
- Infra Focus: With government spending on infrastructure, companies like Larsen & Toubro, GMR, and RInfra are attracting investor attention.
- Retail Participation: The rise of retail investors in India has amplified moves in mid-cap and small-cap stocks, adding momentum.
Human Side of the Story
For long, Anil Ambani was considered the “fallen billionaire” after Reliance Communications collapsed under debt. His companies were written off by many. But now, the story seems to be changing.
- Small investors who held on to these stocks for years are finally seeing hope.
- Employees and management teams of these companies also view these deals as turning points, boosting morale internally.
- For Anil Ambani personally, this rally might represent a chance at redemption in the Indian business landscape.
The market loves comeback stories, and this one has all the right ingredients.
Should You Invest in Reliance Power and Reliance Infrastructure?
This is the big question on every investor’s mind. Here are some pros and cons to consider:
✅ Reasons to Buy
- Strong renewable energy pipeline.
- Government support for clean energy.
- Improving investor sentiment.
- Potential long-term turnaround.
❌ Reasons to Stay Cautious
- High historical debt levels.
- Execution risks with large projects.
- Past track record of financial stress.
- Volatility due to upper/lower circuits.
Investor Tip: These stocks may be suitable for high-risk, high-reward portfolios. Conservative investors may want to wait for financial performance to stabilize before entering.
Conclusion
The August 20 rally in Reliance Power and Reliance Infrastructure has once again brought Anil Ambani-led companies back into the spotlight. Both stocks hitting upper circuits on the same day shows that the market is betting on their renewable energy future.
While challenges remain, the combination of domestic mega projects and international clean energy ventures makes this comeback story worth watching. For investors, the journey from here will depend on execution, debt management, and sustained policy support.
If Anil Ambani can deliver on these promises, the stocks that were once written off may well turn into India’s next big multibagger story.