Reliance Power Hits 5% Upper Circuit After Solar Energy Corporation Withdraws Debarment Notice

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Shares of Reliance Power surged by 5% on the Bombay Stock Exchange (BSE) on Tuesday, hitting the upper circuit limit, following the news that the Solar Energy Corporation of India (SECI) has withdrawn its debarment notice against the company. The move comes as a significant relief for Reliance Power, which had been under scrutiny for alleged violations related to its solar power projects.




Earlier this year, SECI had issued a debarment notice to Reliance Power, effectively barring the company from participating in future solar energy tenders. However, after a series of negotiations and clarifications provided by Reliance Power, SECI decided to retract the notice, allowing the company to resume its participation in solar energy projects.

The decision has been seen as a major boost for Reliance Power, which has been focusing on expanding its renewable energy portfolio. The company's shares, which had been under pressure due to the uncertainty surrounding the debarment issue, saw a sharp rally following the announcement.

Market analysts view this development positively, with many expressing confidence that the withdrawal of the debarment notice will help the company regain its position in the renewable energy sector. Investors responded enthusiastically, pushing the stock price up to its 5% upper circuit limit, reflecting renewed optimism around Reliance Power’s future prospects in the solar energy market.

This positive momentum is expected to continue, especially as India pushes forward with its ambitious renewable energy targets, creating ample opportunities for players like Reliance Power in the growing solar energy sector.

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