RPower gains as it wins appeal against CERC order on Sasan UMPP

Reliance Power rose 2.4% to Rs 74.75 at 13:08 IST on BSE after the company said that the Appellate Tribunal for Electricity has set aside the CERC order regarding the commercial operation date of the first 660 MW unit of the company's Sasan UMPP.

The announcement was made during trading hours today, 13 August 2013.

Meanwhile, the S&P BSE Sensex was up 180.09 points or 0.95% at 19,127.07.

On BSE, 13.92 lakh shares were traded in the counter as against average daily volume of 28.13 lakh shares in the past one quarter.

The stock hit a high of Rs 75.45 and a low of Rs 72.30 so far during the day. The stock had hit a 52-week high of Rs 106.70 on 15 October 2012. The stock had hit a record low of Rs 58.55 on 28 March 2013.

The stock had outperformed the market over the past one month till 12 August 2013, sliding 4.89% compared with the Sensex's 5.07% fall. The scrip had, however, underperformed the market in past one quarter, declining 8.69% as against Sensex's 5.84% fall.

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

Reliance Power (RPower) today, 13 August 2013 said that the Appellate Tribunal for Electricity (APTEL) has pronounced its judgment allowing the appeal of Sasan Power (SPL) against Central Electricity Regulatory Commission's (CERC) order dated 20 June 2013 on Commercial Operation Date (COD) of the first 660 megawatts (MW) unit of Sasan ultra mega power plant (UMPP). APTEL has set aside CERC's order and has directed CERC to decide the matter afresh including the issue of maintainability raised by SPL without being influenced by its earlier findings, RPower said. SPL is a wholly owned subsidiary of Reliance Power implementing Sasan UMPP.

Aggrieved by CERC's order, which had set aside the certificate issued by independent engineer's (IE) for declaration of COD of Sasan UMPP'S first 660 MW unit based on petition filed by Western Region Load Dispatch Centre (WRLDC), SPL filed appeal before the APTEL on grounds that CERC's order is violative of principles of natural justice and is not tenable in law, RPower said.

The 3,960 MW Sasan UMPP, the world's largest integrated power and coal mining project was commissioned on 30 March 2013. The electricity generated from the project will be available 14 distribution companies across seven states at a low cost benefiting an estimated 35 crore people.

RPower's consolidated net profit rose 0.2% to Rs 240.06 crore on 1.1% decline in net sales to Rs 1122.85 crore in Q1 June 2013 over Q1 June 2012.

Reliance Power, a part Reliance Group, is India's leading private sector power generation company.

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