Reliance Power lights up
In this otherwise red streaked market, Reliance Power is doing a bit better and in up in the green. The stock is up 2% at Rs.70.30, pretty much range bound between an intra day high and low of Rs.Rs.70.50 and Rs.67.10 respectively. Volumes are muted at around 4 lakh shares.
The stock is in the news on two counts –firstly, on 13th August, the company won an appeal against the CERC order on the Sasan project on Commercial Operation Date (COD) of the first 660 MW unit of Sasan UMPP. Appellate Tribunal for Electricity (APTEL) has set aside CERC’s order and has directed CERC to decide the matter afresh without being influenced by its earlier findings. Secondly, there is news that the company may approach the electricity regulator seeking a higher tariff for its proposed ultra mega power project at Tilaiya due to an increase in raw material costs.