Anil Ambani-owned Reliance Power share price jumps over 3%. Here’s why
- Reliance Power stock price has rallied more than 80% in six months and delivered over 85% returns year-to-date (YTD). This compares with the equity benchmark Sensex’s gains of 8.8% in six months and 13% rally YTD.
Reliance Power share price rallied over 3% on Monday after the Anil Ambani-owned company announced settling of loan default by its subsidiary Samalkot Power. Reliance Power shares gained as much as 3.41% to ₹46.00 apiece on the BSEt .
Reliance Power said that Samalkot Power Ltd, a subsidiary of the company has paid in full, its outstanding interest in default on its Term Loan with ExportImport Bank of the United States.
“Consequent to the aforesaid payment by Samalkot, the default of the Company as a Guarantor to the aforesaid loan stands cured,” Reliance Power said in a stock exchange filing on December 6.
In another development last week, the Solar Energy Corporation of India (Seci) withdrew its order barring Reliance Power from renewable energy tenders.
The Delhi High Court had earlier ordered a stay on the debarment of the company, except for its subsidiary Reliance NU BESS. Subsequently, on 6 November, Seci had barred Reliance Power and its subsidiary Reliance NU BESS from participating in tenders floated by the state-run entity for three years over alleged submission of fake documents by the companies.
However, on December 3, Reliance Power informed that the Solar Energy Corporation of India withdrew its order barring the company from renewable energy tenders.
“...we wish to inform you that Solar Energy Corporation of India Limited (SECI) has notified that the debarment notice issued to the Company has been withdrawn with immediate effect. Accordingly, the Company and its subsidiaries except Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited) are eligible to participate in all tenders issued by SECI,” Reliance Power said.
Reliance Power share price trend
Reliance Power share price has witnessed strong gains, with the stock up more than 14% in one week and over 47% in three months. Reliance Power stock price has rallied more than 80% in six months and delivered over 85% returns year-to-date (YTD). This compares with the equity benchmark Sensex’s gains of 8.8% in six months and 13% rally YTD.
Reliance Power stock hit a 52-week high of ₹54.25 apiece on October 4, 2024, and a 52-week low of ₹19.37 on March 14, 2024, on BSE.
At 9:40 am, Reliance Power shares were trading 2.14% higher at ₹45.43 apiece on the BSE.
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