Reliance Power shares hit upper circuit in early deals, here's why 

Reliance Power share price today: Shares of Reliance Power hit upper circuit in early deals on Wednesday amid a surge in the benchmark indices. The rally in the Anil Ambani led firm came afetr Solar Energy Corporation of India Limited (SECI), which serves as the implementing agency for renewable energy projects, withdrew the debarment notice issued to Reliance Power, enabling the Anil Ambani-led firm to participate in future tenders of the public sector entity.

Reliance Power stock rose 5% to Rs 41.07 in early deals against the previous close of Rs 39.12 on BSE. Market cap of the firm climbed to Rs 16,497 crore. Total 3.27 lakh shares of the firm changed hands amounting to a turnover of Rs 1.34 crore on BSE.

Reliance Power shares have a beta of 0.8, indicating very low volatility in a year. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Reliance Power's relative strength index (RSI) stands at 50.9, which signals the stock is trading neither in the overbought nor in the oversold zone. 

"We wish to inform you that Solar Energy Corporation of India Limited (SECI) has notified that the debarment notice issued to the Company has been withdrawn with immediate effect. Accordingly, the Company and its subsidiaries except Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited) are eligible to participate in all tenders issued by SECI," said Reliance Power in a notification to bourses. 

Reliance Power cited SECI's communication for the same. 

"This has reference to the public notice dated 06.11.2024, regarding SECI’s decision of debarring M/s Reliance Power Limited and M/s Reliance NU BESS Limited from participating in all the future tenders issued by SECI until 3 years from the date of issuance of the debarment notice. Following the legal proceedings related to this matter, it is hereby notified that the Debarment Notice issued to M/s Reliance Power Limited has been withdrawn, with immediate effect. This withdrawal is without SECI’s right to take all actions in accordance with the law. Accordingly, the public notice dated 06.11.2024, stands modified to the limited extent as above," said SECI.