Reliance Power shares rose 5% to hit an intra-day high of Rs 41.09 on Wednesday after the Solar Energy Corporation of India withdrew the debarment notice issued to the Anil Ambani-led company for applying for tenders in the renewable space. This enables Anil Ambani’s firm to participate in future tenders.
On November 6, SECI in an initial notice debarred Reliance Power and Reliance NU BESS from participating in any of its tenders for three years for allegedly submitting “fake documents”.
“Following the legal proceedings related to this matter, it is hereby notified that the Debarment Notice issued to M/s Reliance Power Limited has been withdrawn, with immediate effect. This withdrawal is without prejudice to SECI’s right to take all actions in accordance with the law. Accordingly, the public notice dated 06.11.2024, stands modified to the limited extent as above,” read a notice by SECI.
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Reliance Power in Q2
Reliance Power posted a consolidated net profit of Rs 2,878.15 crore in Q2 FY25 against a net loss of Rs 237.76 crore in the same quarter a year ago. The total income of the company dipped by 7.2% on year to Rs 1,962.77 crore in the July-September quarter of the current financial year, compared to Rs 2,116.37 crore in the same period a year ago.
Reliance Power Vs Nifty 50
The stock of Reliance Power has risen 5.2% in the last five trading sessions. However, the stock has fallen 6.8% in the last one month and 60% in the previous six months. The stock has risen 72% from year to date and 96% in the last one year.
On the other hand, compared with the benchmark index, Nifty 50 has risen 0.7% in the last five trading sessions. It has risen 1.9% in the last one month and almost 12% in the past six months. The index has given a return of 12.5% from year to date and 18% in the last one year.
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