Anil Ambani-owned Reliance Power share price hits 5% upper circuit; here’s why
Reliance Power share price hit its 5 per cent upper circuit on December 4 after the Solar Energy Corporation of India withdrew its ban on the company from renewable energy tenders.
Reliance Power share price opened at a 5 per cent upper circuit of ₹41.07 on Wednesday, December 4, on BSE after the Solar Energy Corporation of India (Seci) withdrew its order barring the company from renewable energy tenders.
Reliance Power share price had closed 1.03 per cent higher at ₹39.12 on BSE in the previous session on Tuesday, December 3.
As Mint reported, the Seci withdrew its order barring Anil Ambani-owned Reliance Power from renewable energy tenders a week after the Delhi High Court ordered a stay on the company's debarment, except for its subsidiary Reliance NU BESS.
The ban was imposed last month in response to the submission of allegedly fake documents by the Anil Ambani companies in a tender released by Seci in June, which sought bids for a 1,000 MW/2,000 MWh standalone battery energy storage systems (BESS) project. Following this, the tender process was cancelled.
In September, Reliance Power secured a tender from Seci for the BESS project through an e-reverse auction, marking its entry into the renewable energy and storage sector. An e-reverse auction is an online auction in which suppliers compete to win a buyer's business by submitting bids that gradually decrease in price.
Seci is a key authority in India's renewable energy space, acting as a central intermediary between private power producers and state power distribution companies (discoms).
Reliance Power share price trend
Shares of Reliance Power have seen a healthy gain this year so far, rising as much as 68 per cent as of the December 3 close. Equity benchmark Sensex has gained 12 per cent in the same period.
The stock hit a 52-week low of ₹19.37 on March 14, and a 52-week high of ₹54.25 on October 4 this year. On a monthly scale, it lost over 12 per cent in October and 9 per cent in November after a steep gain of 59 per cent in September.
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