Shares of power distribution companies Adani Power, Tata Power , Reliance Infrastructure, Jaiprakash Power Ventures, Reliance Power and KP Energy rose up to 13% today after Finance Minister Nirmala Sitharaman announced Rs 90,000 crore liquidity infusion into electricity distribution companies to help them fight the current financial stress.
While Adani Power share price gained 13.03% to Rs 36, Tata Power stock rose 9.57% to Rs 33.2 on BSE. Tata Power share has gained 16.64% in last 3 days.
Adani Power has risen 14.02% in 3 days. The stock opened with a gain of 2.67% at Rs 32.70. Tata Power stock opened with a gain of 3.63% at Rs 31.40 compared to the previous close of Rs 30.30.
Jaiprakash Power Ventures stock gained 5% to Rs 0.89. Reliance Power stock gained 5% to Rs 1.79 compared to the previous close of Rs 1.71. KP Energy stock was trading 3.66% higher at Rs 82 compared to the previous close of Rs 82 on BSE. Stocks of other power producers JSW Energy, Torrent Power, CESC, Green Power gained up to 3 per cent in the morning trade
"Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) will infuse liquidity in the discoms to the extent of Rs 90,000 crore in two equal instalments. This amount will be used by discoms to pay their dues to transmission and generation firms," FM Sitharaman said. "We want the benefit passed to the customers. We are making it clear that these benefits should pass to the end consumers," she said.
On the other hand , stocks of PFC and REC were trading lower today. REC share fell 2.34% to Rs 98.15 intra day. The stock has fallen after 3 days of consecutive gain. However, REC share is trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
PFC share fell 2.18% to Rs 87.65 compared to the previous close of Rs 89.60. PFC share is trading higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.