Reliance Power Share Price Rises From Day's Low After Bagging Battery Storage System Projects

Reliance Power Ltd.'s share price recovered from the day's low after the company said Reliance NU Suntech Pvt. has received a Letter of Award from Solar Energy Corp. of India.

The order is for proposed solar 930 megawatt and 465 megawatt/1,860 megawatt hour battery energy storage system projects, Reliance Power said in an exchange filing on Tuesday.

The project is India's single largest project of solar and battery storage system, it said. The project entails the largest deployment of grid storage batteries at a single site in India, Asia, besides China.

The project will ensure competitive tariff along with supply of peak power for four hours in a day, which will provide relief to distribution companies. Those companies consistently buy power from the power exchanges during peak hours at the cap of Rs 10 per unit.

Reliance NU Suntech, Reliance Power's unit, won the project on Dec. 9, the exchange filing said.

Reliance Power share price declined 2.60% to Rs 46 apiece, the lowest level since Dec. 13. It erased losses to trade 0.74% higher at Rs 47.56 apiece as of 1:13 p.m., as compared to 1.17% decline in the NSE Nifty 50.

The stock opened 0.51% down at Rs 46.99 apiece. The day's high for the stock is Rs 48.00 apiece.

The 52–week high of 53.64 apiece on Oct. 3, and it touched a 52–week low of Rs 19.40 apiece on March 14.

The stock has gained 99.83% in 12 months, and 104.64% on year-to-date basis. Total traded volume on NSE so far in the day stood at 0.64 times its 30-day average. The relative strength index was at 68.67.