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On Friday, the last trading day of the week, the shares of companies related to the power sector registered a huge jump in the stock market. Apart from Tata Group’s power company Tata Power, shares of Adani Group’s Adani Power, NTPC, PFC and REC also saw tremendous growth during trading. The shares have climbed more than 12 percent.
What is the status of which stock during trading?
Adani Power: Intra-day Rs. 372.20 (over 3%)
Tata Power: Intra-day Rs. 276.50 (over 3%)
NTPC: Intra-day Rs. 243.70 (over 3%)
Power Finance Company: Rs. 306.65 intra-day (over 12%)
REC: Intra-day Rs. 272.70 (more than 10%)
Let us tell you that apart from Tata Power, the shares of NTPC, Power Finance Company and REC were seen at a 52-week high in the trading on Friday.
High Demand for Electricity: The country’s electricity consumption has increased by over 16 percent to 151.66 billion units in August this year compared to the same month last year. Meanwhile, the Union Power Ministry has directed all states, their Power Distribution Companies (DISCOMs) as well as Central and State Generating Companies (GENCOS) to meet the growing power demand. It crossed the record 241 gigawatts (GW) last week.
Meanwhile, India’s electricity demand is expected to grow by more than 70 percent over the next decade, with a strong focus on non-hydro renewable sources. Fitch Group’s BMI said in a report that coal-fired generation will still account for the majority of generation by 2032, reflecting the country’s heavy reliance on the coal sector.