Reliance Power Locked In Upper Circuit After Settling DBS Bank Dues

Shares of Reliance Power Ltd. were locked in a 5% upper circuit on Friday after it settled its entire obligations with respect to its borrowings from DBS Bank India Ltd.

As a result, its assets of 45-megawatt wind power project are free from encumbrance. The company had signed a debt-settlement agreement with DBS Bank on Jan. 5., according to an exchange filing.

On the NSE, the stock opened as much as 4.99% higher at Rs 26.30 apiece, the highest since Feb. 21. It was locked in its upper circuit limit as of 9:36 a.m., compared to a 0.43% decline in the benchmark Nifty 50.

The stock has risen 15.35% in a three-day rally. It has advanced 164.32% on a year-to-date basis. The total traded volume so far in the day stood at 0.35 times its 30-day average. The relative strength index was at 61.05.