return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. Stocks
    /
  5. Reliance Power shares jump 5% as Solar Energy Corporation withdraws debarment notice; here is all you need to know

Market News

Reliance Power shares jump 5% as Solar Energy Corporation withdraws debarment notice; here is all you need to know

Upstox
By Upstox News Desk

2 min read | Updated on December 04, 2024, 09:23 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

SECI, which serves as the implementing agency for renewable energy projects, had on November 6 debarred Reliance Power Ltd and Reliance NU BESS Ltd from participating in any of its tenders for three years for allegedly submitting "fake documents."

Stock list

RPOWER
--
In the latest statement on Tuesday, SECI said the withdrawal of its debarment notice is without prejudice to its right to take all actions under the law.

In the latest statement on Tuesday, SECI said the withdrawal of its debarment notice is without prejudice to its right to take all actions under the law.

Reliance Power share price: Reliance Power shares hit 5% upper circuit limit of 5% at ₹41.07 apiece on the BSE in Wednesday's session as the Solar Energy Corporation of India Limited (SECI) on Tuesday said it has withdrawn the debarment notice issued to Reliance Power, enabling the Anil Ambani-led firm to participate in future tenders of the public sector entity.

SECI, which serves as the implementing agency for renewable energy projects, had on November 6 debarred Reliance Power Ltd and Reliance NU BESS Ltd from participating in any of its tenders for three years for allegedly submitting "fake documents."

On November 13, SECI had also slapped a show cause notice on Anil Ambani-run Reliance Power, asking why criminal proceedings should not be initiated after a fake bank guarantee was submitted by its unit.

In the latest statement on Tuesday, SECI said the withdrawal of its debarment notice is without prejudice to its right to take all actions under the law.

For the quarter ended September 30, 2024 (Q2 FY25), Reliance Power posted a consolidated net profit of ₹2,878.15 crore in the July-September quarter of this financial year.

The company had reported a net loss of ₹237.76 crore in the quarter ended September 30, 2023.

ALSO READ | Swiggy vs Zomato: Detailed analysis of Q2FY25 financial and operational performance

Total income of the company dipped to ₹1,962.77 crore in the quarter under review, from ₹2,116.37 crore in the same period a year ago.

The company has gained ₹3,230.42 crore on the deconsolidation of a subsidiary, the company said in a regulatory filing.

Deconsolidation of a subsidiary occurs when assets, liabilities, and equity associated with the subsidiary are no longer reflected in the parent company's financial position.

During the July-September quarter, Reliance Power settled ₹3,872 crore in guarantor obligations for its subsidiary Vidarbha Industries Power Ltd. (VIPL).

(With PTI inputs)

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story