Signals, Powered By EquityPandit
Shares of electric utility companies continued trading higher on the bourses, with the Bombay Stock Exchange (BSE) power index hitting an over 10-year high in intra-day trade today, on the expectation of higher demand. Adani Power, Torrent Power, and Tata Power gained over 4 per cent, each, on the BSE.
The S&P BSE Power index hit a high of 3,008, its highest level since January 2011, in intra-day trade on Tuesday. At 10:39 am, the power index was up 0.96 per cent at 2,991, as compared to 0.17 per cent decline in the S&P BSE Sensex. In the past one week, the S&P BSE Power index has surged 6 per cent, against less than 1 per cent gain in the benchmark index.
Among individual stocks, Adani Power hit a record high of Rs 151 after soaring 19 per cent in intra-day trade today on the back of heavy volumes. The stock of the Gautam Adani-led Adani Group company has zoomed 58 per cent
in the past one week. The trading volumes on the counter jumped nearly three-fold with a combined around 131 million shares, representing 3.4 per cent of total equity of Adani Power, changing hands on the NSE and BSE.
According to CARE Ratings, power generation and consumption is expected to improve in FY22 with the anticipated higher levels of economic activity amid optimism that the vaccination program would facilitate normalization and stimulate economic recovery.
Stock Covered in the news
