During the early session on September 30, shares of Anil Ambani's Reliance Infrastructure rose sharply. This rise comes ahead of a major board meeting aimed at raising cash, as well as the Calcutta High Court's decision in favor of Reliance Infrastructure in an arbitration lawsuit. The company was given a Rs 780 crore claim, which is a huge relief for Anil Ambani and his enterprise.
Big relief for Anil Ambani
In a significant relief to Anil Ambani, the Calcutta High Court recently decided in favor of Reliance Infrastructure, maintaining an arbitration judgment of Rs 780 crore. This decision significantly boosted the company's stock performance. Following the positive court verdict, the stock's value increased significantly.
Reliance Infra Won Arbitration Case
The Calcutta High Court affirmed Reliance Infrastructure Ltd's Rs 780 crore arbitration verdict in a dispute with West Bengal-based Damodar Valley Corporation, according to a stock market statement.
More than a decade ago, Reliance Infrastructure was awarded a contract for Rs 3,750 crore to build a 1,200 MW thermal power plant in Purulia, West Bengal.
The project was delayed owing to conflicts and other issues, prompting DVC to seek damages from Reliance Infrastructure. However, Reliance Infrastructure contested this, and in 2019, an arbitration tribunal found in its favor, ordering DVC to pay Rs 896 crore to the business.
The Calcutta High Court dismissed DVC's challenge to the arbitral tribunal's ruling.
Reliance Infrastructure Share Performance
Reliance Infrastructure shares have performed well in the stock market in recent months. Over the previous month alone, the stock has increased by more than 60%, indicating steady momentum. On Monday, September 30, shares of Reliance Infrastructure increased by 7%, reaching an intraday high of Rs 342.50 apiece. At the conclusion of the day, the stock finished at Rs 336.90, up 4.32%.
In the previous month, the stock has returned an incredible 67.28%. Over the previous six months, the stock has up 27.49%. Since January, the stock price has increased by 61.71%. Over the last year, the stock has gained 96.44%. In the previous five years, the stock has risen from Rs 26 to Rs 342, representing a staggering return of 1,216.54%.
