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The index hit 3-year high of 3,111 level led by gains from Power Grid and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, Tata Power, KEC and NHPC among others.
While the market is struggling amid profit booking, the S&P BSE Power index is up over 2 percent. The index hit a 3-year high of three ,111 level led by gains from power system and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, TataWhile the market is struggling amid profit booking, the S&P BSE Power index is up over 2 percent. The index hit a 3-year high of three ,111 level led by gains from power system and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, Tata Power, KEC and NHPC among others.
BHEL is focused after the corporate won an order from Goa Shipyard for warship gun mount. "Goa Shipyard has placed a maiden order on Bharat Heavy Electricals Limited (BHEL) for supply of an upgraded Super Rapid Gun Mount (SRGM), the most gun onboard most Warships of the Indian Navy," company said in its handout .
Power Grid, on the opposite hand, received shareholders’ approval to boost up to Rs 6,000 crore through bonds or debentures on a personal placement basis and REC received shareholders' approval to boost up to Rs 85,000 crore through issuance of non-convertible bonds or debentures.
According to a report by Motilal Oswal, "Demand has been improving with coal reporting a 33 percent YoY increase in offtake for 1QFY22. With improving offtake and realizations, we see operating leverage coming into play in FY22. Notwithstanding any longer negative shocks, we expect coal’s profitability to recover in FY22E (+24 percent YoY)."
"The capex run-rate is probably going to extend within the near term, but higher dispatches and a few normalizations in receivables should aid cash generation and maintain dividends (dividend yield: 12 percent)," the brokerage added.
As Power stocks outperformed over 174 stocks hit a new 52-week high on BSE including power system Corporation, Power Finance Corporation, NTPC, Coal India, Diamond Power, and NHPC among others.
The equity market was trading at day's low at the time of scripting this copy, following weak Asian cues with Sensex down 488.20 points, or 0.81 percent, at 59,589.68 and therefore the Nifty falling 125.20 points, or 0.70 percent, at 17,729.90.
The market was largely dragged by sectors like realty, the index fell over 3 percent, followed by IT, banks and pharma stocks.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, markets might consolidate for a short time before making a decisive move. There are conflicting signals which may influence the markets within the short term. The rise in US 10-year bond yield may be a negative for emerging markets like India, particularly if this trend sustains and gathers momentum, going forward. A rise in Brent crude to USD 80 may be a negative for India's macros.
"We are witnessing sectoral rotation in Indian markets now. Buying in banks and autos may be a reflection of accelerating confidence within the domestic economy theme. there's profit booking in IT since the segment has given excellent returns of 82 percent one-year return," he added.
NTPC registered a fresh 52-week high after the corporate confirmed the winning of 1.9 GW solar projects under Central Public Sector Undertaking (CPSU) scheme. Power, KEC and NHPC among others.
BHEL is focused after the corporate won an order from Goa Shipyard for warship gun mount. "Goa Shipyard has placed a maiden order on Bharat Heavy Electricals Limited (BHEL) for the availability of an upgraded Super Rapid Gun Mount (SRGM), the most gun onboard most Warships of the Indian Navy," company said in its handout .
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Power Grid, on the opposite hand, received shareholders’ approval to boost up to Rs 6,000 crore through bonds or debentures on a personal placement basis and REC received shareholders' approval to boost up to Rs 85,000 crore through issuance of non-convertible bonds or debentures.
NTPC registered a fresh 52-week high after the corporate confirmed the winning of 1.9 GW solar projects under Central Public Sector Undertaking (CPSU) scheme.