After the Solar Energy Corporation of India (Seci) retracted its order prohibiting the business from participating in renewable energy bids, the share price of Reliance Power opened on the BSE on Wednesday, December 4, at a 5% upper circuit of ₹41.07.
On Tuesday, December 3, the price of Reliance Power’s shares closed 1.03% higher on the BSE at ₹39.12.
A week after the Delhi High Court granted a stay on the company’s debarment, except for its subsidiary Reliance NU BESS, the Seci retracted its ruling prohibiting Anil Ambani-owned Reliance Power from renewable energy tenders, as Mint reported.
When the Anil Ambani firms submitted allegedly fraudulent documents in a June Seci tender seeking bids for a 1,000 MW/2,000 MWh standalone battery energy storage systems (BESS) project, the ban was put in place last month. The tender process was subsequently cancelled.
Reliance Power entered the renewable energy and storage market in September when it won a bid from Seci for the BESS project through an e-reverse auction. In an online auction known as an e-reverse auction, vendors vie for a buyer’s business by putting in bids that progressively drop in price.
In India’s renewable energy sector, Seci is a crucial regulator that serves as a go-between for state power distribution firms (discus) and private power providers.
Reliance Power’s stock has risen a robust 68 pper centas of the December 3 close, marking a strong start to the year. The Sensex, a benchmark for stocks, has increased by 12% during this time.
This year, the stock fell as low as ₹19.37 on March 14 and rose as high as ₹54.25 on October 4. Every month, following a dramatic increase of 59% in September, it lost more than 12% in October and 9% in November.
