R-Power stock cheers SC ruling

MUMBAI: Anil Ambani-owned Reliance Power has emerged as a clear winner with two coal blocks of the company figuring among the four that were not cancelled by the Supreme Court. The other two belonged to state-owned SAIL and NTPC.

Cheering the court order, the company's stock shot up 6.5% in intra-day trade before closing up 5% at Rs 76 as shares of other power and metal firms fell significantly.

"Reliance Power is happy to note that the company's programme of developing and executing the Sasan UMPP (3,960 MW) in the state of Madhya Pradesh and the Tilaiya UMPP (3,960 MW) in the state of Jharkhand, totalling nearly 8000 MW, is unaffected and remains on course," said a company statement. It added that it has won the pit head-based projects under an international competitive bidding process. This makes Reliance Power the largest developer of UMPPs and the largest private sector coal resources company in India.

Another major gainer is Coal India, which saw its shares going up by 5% to Rs 351 as the company will get possession of all the de-allocated coal blocks till they come up for bidding next year. NTPC shares gained almost 1% to Rs 138 while SAIL shares lost almost 3% to close at Rs 69.

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