After the Anil Ambani-owned company stated that its subsidiary Samalkot Power had settled a credit default, Reliance Power’s share price increased by more than 3% on Monday. On the BSEt, shares of Reliance Power increased by as much as 3.41% to ₹46.00 each.
Reliance Power reported that Samalkot Power Ltd., one of its subsidiaries, had fully settled the default interest on its term loan with the US Export-Import Bank.
“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.
The Solar Energy Corporation of India (Seci) also retracted its order prohibiting Reliance Power from participating in renewable energy tenders last week.
With the exception of its subsidiary Reliance NU BESS, the Delhi High Court had previously granted a stay on the company’s debarment. On November 6, Seci subsequently banned Reliance Power and its subsidiary Reliance NU BESS from bidding in state-run auctions for three years due to the companies’ alleged submission of fraudulent documents.
However, the Solar Energy Corporation of India revoked its ruling prohibiting Reliance Power from participating in renewable energy tenders, the business announced on December 3.
“…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Solar Energy Corporation of India Limited (SECI) has notified that the debarment notice issued to the Company has been withdrawn with immediate effect.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
The price of Reliance Power’s stock has increased significantly, rising more than 14% in a single week and more than 47% in three months. The price of Reliance Power’s shares has increased by over 80% in just six months, and it has produced returns of over 85% so far this year. This contrasts with the Sensex equity benchmark, which has gained 8.8% over the last six months and 13% thus far this year.
On October 4, 2024, Reliance Power’s stock reached a 52-week high of ₹54.25 per share, and on March 14, 2024, it fell to ₹19.37 per share on the BSE.
Reliance Power’s stock was up 2.14% at ₹45.43 per share on the BSE at 9:40 a.m.
