Power sector stocks registered smart gains in a choppy market on the hopes of restructuring of loans of state electricity boards. With the government in an overdrive mode on reforms, it is expected that the SEB bailout/restructuring would be the next on the agenda.
Bharat Heavy Electricals is currently trading at Rs 249.50, up by 17.20 points or 7.40% from its previous closing of Rs. 232.30 on the BSE. The scrip opened at Rs 234.90 and has touched a high and low of Rs 250.00 and Rs 234.00 respectively. So far 1585312 shares were traded on the counter.
Rural Electrification Corporation is currently trading at Rs 230.60, up by 11.00 points or 5.01% from its previous closing of Rs 219.60 on the BSE. The scrip opened at Rs. 223.40 and has touched a high and low of Rs. 234.70 and Rs. 221.05 respectively. So far 392509 shares were traded on the counter.
Tata Power Company is currently trading at Rs 102.75, up by 0.05 points or 0.05% from its previous closing of Rs 102.70 on the BSE. The scrip opened at Rs 104.00 and has touched a high and low of Rs 107.25 and Rs 101.55 respectively. So far 1016100 shares were traded on the counter.
Chaturvedi panel's recommendations are likely to be implemented which will entail 50 per cent of the short term debt to be taken over by the respective states and the balance 50 per cent to be restructured by the banks.
