Stock Market today: Anil Ambani-owned Reliance Power‘s subsidiary company has gotten relief on the proposed termination of its power purchase agreement.
Reliance Power Business update details
Anil Ambani-owned Reliance Power, in its release on the exchanges, announced the relief it has received on the proposed termination of its power purchase agreement.
As per Reliance Power’s intimation on the National Stock Exchange of India and the BSE Ltd, or the Bombay Stock Exchange, “Reliance NU Suntech Private Limited, a subsidiary of the Company, had challenged the notice issued by Solar Energy Corporation of India Limited in the High Court of Delhi seeking a stay on the proposed termination of its power purchase agreement.”
Referring to the same, Reliance Power said that the Hon’ble High Court of Delhi was pleased to grant the maintenance of the status quo between parties and has restrained Solar Energy Corporation of India Limited from taking any coercive actions.
Reliance Power—Other developments
Reliance Power a few days back had clarified that SBI’s action on Reliance Communications has no impact on Reliance Power Limited.
In its clarification, Reliance Power said that the recent action by State Bank of India to classify the loan account of Reliance Communications Limited as fraud has absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power.
Reliance Power share price movement
Reliance Power’s share price remained volatile amid a weak Indian stock market on Wednesday. The Reliance Power share price oscillated between an intraday high of ₹65.75 and an intraday low of ₹64.
The Reliance Power share price, however, has been seeing an uptrend and has risen more than 44% year to date.
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