PTC India shares hit 5% upper circuit limit, gain for 3rd day on stake sale reports

Shares of PTC India on Thursday extended recent rise to the third straight session and hit 5 per cent upper circuit limit amid a media report reports Tata Power, JSW Energy Greenko and the Adani Group have been approached to assess their interest in acquiring a strategic stake in PTC India. Stock exchanges have sought clarification from the company regarding the same. The reply is awaited.

The scrip hit a 5 per cent upper circuit limit at Rs 105.65 on BSE. The scrip has jumped 16 per cent in three sessions to Thursday.

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.

PTC India is engaged in trading of power. It offers solutions for generator and utilities and is engaged in  cross border power trade, consultancy and advisory solutions and project financing.

Last week also, there were reports of Adani group looking to buy stake in PTC India. That time, PTC India 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.

Adani Enterprises had last week said that it would not comment on media speculation and rumours, adding that the Adani group firm 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 regulations.

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