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Last Updated : Dec 02, 2019 11:36 AM IST | Source: Moneycontrol.com

Reliance Power share price locked in lower circuit despite rating upgrades

There were pending sell orders of 2,561,339 shares, with no buyers available.

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Reliance Power share price was locked in 5 percent lower circuit despite rating upgrades from ICRA.

ICRA upgraded the long-term rating and short-term rating of Rosa Power Supply Company (RPSCL), a wholly owned subsidiary of Reliance Power, to ICRA B+ with stable outlook and ICRA A4 from ICRA D, respectively.

The rating upgrade was done citing regularisation of debt servicing year by RPSCL, track record of the plant operations and the adequate coal availability.

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There were pending sell orders of 2,561,339 shares, with no buyers available.

RPSCL has, during the first six months of the FY20, achieved strong operating performance with a plant availability of 98.5 percent and plant load factor of 78 percent, the company said in press release.

RPSCL has been consistently deleveraging and debt equity ratio has been further brought down to 0.46 in September 2019 from 0.56 in March 2019, which resulted in lowering of interest cost.

Regulatory approval for additional capital expenditure and tariff recovery thereof would further enhance the credit strength of RPSCL, it added.

At 1111 hours, Reliance Power was quoting at Rs 3.43, down Rs 0.18, on the BSE.

 

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First Published on Dec 2, 2019 11:35 am
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