Reliance Power Shares Jump 5% Post SECI Debarment Lift

4 Dec 2024 , 01:01 PM

Following the company’s announcement that Solar Energy Corporation of India Limited (SECI) had withdrawn its debarment order with immediate effect, Reliance Power shares on the BSE hit the 5% upper circuit limit on Wednesday at Rs 41.07.

According to a news statement from the firm, Reliance Power and its subsidiaries, including Reliance NU BESS Limited (previously Maharashtra Energy Generation Limited), are then qualified to take part in any tenders that SECI issues.

Reliance Power Limited and Reliance NU BESS Limited were prohibited by SECI from taking part in any upcoming SECI tenders for three years following the issuance of the debarment notice on November 6.

The legal proceedings resulted with the notice being removed. SECI does not have the authority to take any legal action in light of this withdrawal.

The benchmark Sensex increased 0.74% on Tuesday, while Reliance Power’s shares ended the day at Rs 39.12, up 1.03% on the BSE. With a market valuation of Rs 15,714 crore, the company’s shares have risen 134% in the last two years and 63% in 2024 so far.

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