The Delhi High Court affirmed the Solar Energy Corporation’s ruling, which prohibited Anil Ambani’s Reliance Power and its subsidiaries from bidding on solar projects for three years. This caused the share price of Reliance Power to jump by more than 3% in morning trading on Wednesday. The stock was up 1.19 rupees, or 3.28%, from the previous day’s closing price at roughly 10:28 a.m.
Anil Reliance Power Ltd. announced on Tuesday that the Delhi High Court had suspended the SECI ruling that prohibited it from taking part in auctions for three years.
Reliance Power SECI Notice
In the Delhi High Court in New Delhi, Ambani-led Reliance Power contested the debarment and public notice issued by Solar Energy Corporation of India Limited (SECI). The Reliance Group company announced on Tuesday that the HC had granted a stay on notice in a new development in the case.
Reliance Power Share Price
Reliance Power’s trading volume on the NSE and BSE was -7.68% lower than it was during the previous trading session until 11 AM today. In addition to price, volume traded is a crucial indication for trend analysis. A sustained upward trend is suggested by positive price movement with larger volume, whereas a further price decrease may be indicated by negative price movement with higher volume. Overall, the stock is presently exhibiting a strong bullish trend, according to Mint technical analysis.
About Reliance Power
Reliance Power Limited was first established as Bawana Power Private Limited, a Private Limited Company, on January 17, 1995. The company was renamed Reliance Delhi Power Private Limited in February 1995 from Bawana Power Private Limited. The company was renamed Reliance Delhi Power Private Limited to Reliance EGen Private Limited in February 2004 and then Reliance Energy Generation Private Limited in March 2004.
