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PTC India shares climb 5%, reclaim Rs 100 level today. Here's why

PTC India shares climb 5%, reclaim Rs 100 level today. Here's why

PTC India had recently said it was not aware of any development of stake sale by the promotor companies. The company also issued a clarification to the stock exchanges on similar media reports on December 19.

PTC India shares rose 4.95 per cent to hit a high of Rs 100.65 on BSE. The scrip has risen 24 per cent in the last 30 days. PTC India shares rose 4.95 per cent to hit a high of Rs 100.65 on BSE. The scrip has risen 24 per cent in the last 30 days.

Shares of PTC India climbed 5 per cent in Wednesday's trade amid a media report suggesting Greenko, Tata Power, JSW Energy and the Adani Group have been approached to assess their interest in acquiring a strategic stake in PTC India.

As per a report by Economic Times, five public sector undertakings, including four promoter firms of PTC India were planning to sell their stake in the power trading company that is hit by a controversy over governance issues at its financial services subsidiary, the financial daily reported.

Following the development, the scrip rose 4.95 per cent to hit a high of Rs 100.65 on BSE. The scrip has risen 24 per cent in the last 30 days.

Las week, there were reports of Adani group looking to buy stake in PTC India. That time, Adani Enterprises had said that it would not comment on media speculation and rumours.

Adani Enterprises said that the company evaluates various opportunities for growth and expansion of the business of the company on an ongoing basis, with the objective of enhancing stakeholders’ value and that there was no information that was not been announced to the stock exchanges and which should have been announced by the company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

PTC India had, on the other hand, said it was not aware of any such developments of stake sale by the promotor companies. The company also issued a clarification to the stock exchanges (BSE & NSE) on similar media reports on December 19.

As per the fresh report, the promoters - NTPC, NHPC, Power Finance Corp and Power Grid Corp of India held a combined stake of nearly 16 per cent in PTC India. Damodar Valley Corp, which owns a 3.3 per cent ownership, has also decided to divest its shareholding, the Economic Times report suggested.

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Published on: Jan 18, 2023, 9:38 AM IST
Posted by: Tarab Zaidi, Jan 18, 2023, 8:58 AM IST