Reliance Power jumps after SC verdict on coal blocks

Reliance Power rose 5.14% to Rs 75.75 at 15:20 IST on BSE after the Supreme Court's ruling on illegal coal blocks.

Meanwhile, the BSE Sensex was down 22.77 points, or 0.09%, to 26,752.92.

On BSE, so far 44.34 lakh shares were traded in the counter, compared with an average volume of 14.65 lakh shares in the past one quarter.

The stock hit a high of Rs 77.20 and a low of Rs 68.30 so far during the day. The stock hit a 52-week high of Rs 113.20 on 11 June 2014. The stock hit a 52-week low of Rs 60.10 on 4 February 2014.

The stock had underperformed the market over the past one month till 23 September 2014, falling 16.22% compared with 1.35% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 29.40% as against Sensex's 6.97% rise.

The large-cap company has an equity capital of Rs 2805.13 crore. Face value per share is Rs 10.

The Supreme Court on Wednesday, 24 September 20014, scrapped 214 of the coal blocks allocated between 1993 and 2010, sparing only four coal blocks. Those exempted from this verdict include allocations to NTPC, Steel Authority of India and Reliance Power's ultra-mega power project (UMPP) in Sasan, Madhya Pradesh.

Reliance Power's consolidated net profit rose 1.66% to Rs 244 crore on 56.09% growth in operating revenue to Rs 1753 crore in Q1 June 2014 over Q1 June 2013.

Reliance Power is lndia's leading private sector power generation company.

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