ICRA Limited (ICRA) has upgraded the long-term rating and short-term rating on rated instruments of Rosa Power Supply Company Limited ("RPSCL"), a wholly owned subsidiary of Reliance Power Limited ("R Power" or "the Company") to 'ICRA B+ (Stable Outlook)' and 'ICRA A4' respectively from 'ICRA D' citing regularisation of debt servicing in the current financial year by RPSCL, track record of the plant operations and the adequate coal availability.
RPSCL has, during the first six months of the FY 2020, achieved strong operating performance with Plant Availability of 98.5% and Plant Load Factor of 78%. 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 results in lowering of Interest Cost. Regulatory approval of the additional capital expenditure and tariff recovery thereof will further enhance the credit strength of RPSCL.
Shares of RELIANCE POWER LTD. was last trading in BSE at Rs.3.61 as compared to the previous close of Rs. 3.8. The total number of shares traded during the day was 5121054 in over 1638 trades.
The stock hit an intraday high of Rs. 3.94 and intraday low of 3.61. The net turnover during the day was Rs. 18719281.