RInfra up 10% on special leave petition against DMRC from SC

The stock also reacted positively after ADAG lenders agreed to not selling their pledged shares until September.

Feb 18, 2019 06:02 IST India Infoline News Service

Reliance Infrastructure
The Supreme Court has entertained the Special Leave Petition (SLP) of Reliance Infrastructure Ltd's SPV Delhi Airport Metro Express Pvt Ltd (DAMEPL) challenging the judgment of the Delhi High Court, which set aside the over Rs5,800cr arbitral award won by the former against Delhi Metro Rail Corporation (DMRC).

The Supreme Court has issued a notice to the DMRC in the SLP. A short notice has also been issued to DMRC on DAMEPL's plea for interim relief so that DMRC continues to service its debt pending the disposal of SLP by the Supreme Court.

DAMEPL had filed the SLP in the apex court after a Division Bench of the Delhi High Court set aside an order upholding the over Rs5,800cr arbitral award in favor of DAMEPL against DMRC.

Additionally, lenders to the Anil Dhirubhai Ambani Group (ADAG) have agreed to not sell their pledged shares in the group till September, media reports claimed on Monday morning. This started a rally in stocks of the Group companies in intraday trade on the day. Read more.

Reliance Infrastructure Ltd share price is currently at Rs125.45, up Rs10.55, or 9.18%, from its previous close of Rs114.90 on the BSE. The scrip opened at Rs126.35 and has touched a high and low of Rs129.85 and Rs123.30, respectively.

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