 "Power related shares in focus; REC, PFC declines over 10%")
Shares of power generation and finance companies are under pressure, slipping by up to 13% in intra-day trade on the Bombay Stock Exchange (BSE), after the government approved rescue package for power distribution companies (discoms).
Rural Electrification Corporation (REC) has dipped 13% to Rs 232, while Power Finance Corporation (PFC) slipped 11% to Rs 224 on the BSE.
CESC (down 6% at Rs 524), Reliance Power (5% at Rs 49), Adani Power (3% at Rs 29.20), NHPC (2% at Rs 17.50) and Tata Power Company (2% at Rs 67) are among BSE power index, down more than 2% each.
At 09:54 AM, S&P BSE Power index was down 1% as compared to 0.13% rise in the benchmark S&P BSE Sensex.
According to reports, in a major reform for the power sector, the Centre has asked states to take over 75% of the debt of discoms. This would not only help in cleaning of the debt of Rs 4.3-lakh crore accumulated on state-owned discoms, but would also bring relief to lenders. The programme titled Ujjawal Discoms Assurance Yojana, or UDAY, would be open to all states. CLICK HERE TO READ FULL REPORT.
Rural Electrification Corporation (REC) has dipped 13% to Rs 232, while Power Finance Corporation (PFC) slipped 11% to Rs 224 on the BSE.
CESC (down 6% at Rs 524), Reliance Power (5% at Rs 49), Adani Power (3% at Rs 29.20), NHPC (2% at Rs 17.50) and Tata Power Company (2% at Rs 67) are among BSE power index, down more than 2% each.
At 09:54 AM, S&P BSE Power index was down 1% as compared to 0.13% rise in the benchmark S&P BSE Sensex.
According to reports, in a major reform for the power sector, the Centre has asked states to take over 75% of the debt of discoms. This would not only help in cleaning of the debt of Rs 4.3-lakh crore accumulated on state-owned discoms, but would also bring relief to lenders. The programme titled Ujjawal Discoms Assurance Yojana, or UDAY, would be open to all states. CLICK HERE TO READ FULL REPORT.
