Penny Stock Update: Heavy buying is seen in this power stock; do you own it?

In the past three trading session, the shares of RattanIndia Power have gained good traction and is seen catching investors' attention.

The shares of RattanIndia Power jumped higher on Tuesday's trading session on a closing basis with heavy volumes. In the past three trading session, the shares of RattanIndia Power have gained good traction and is seen catching investors' attention. 

In the past five trading sessions, the shares of RattanIndia Power are up by more than 18 per cent, thus outperforming markets. 

Recently the company announced on bourses that its board of directors has appointed Rajiv Rattan as an Executive Chairman of the company for five years with effect from October 1, 2022. Rajiv, a part of the promoter group, is currently a non-executive chairman. 

Back in January this year there were reports of RattanIndia Power in talks with lenders to recast the Nashik plant’s Rs 7,000-crore debt. 

RattanIndia Power shares are up by more than 23 per cent in one month however the RattanIndia Power shares have been up by 3 per cent in one year.  

The multi-month breakout with heavy volumes may attract more buyers to RattanIndia Power shares. One should keep this penny stock on the watchlist! 

RattanIndia Power Limited is an India-based power generation company. The Company is principally engaged in the business of dealing in power generation, distribution, trading, transmission, and other ancillary and incidental activities.