Stocks of state-owned utilities NTPC and Power Grid hit an all-time high while JSW Energy was up 5 percent on September 20 on high-volume trade, buoyed by a robust growth outlook for the sector.
Shares of Power Grid registered an all-time high at Rs 205.95 and were trading at Rs 205.05 apiece at 2.30 pm, up Rs 4.95 or 2.47 percent on the NSE.
At the same time, NTPC shares recorded an all-time high at Rs 246 and were trading at Rs 241.85 apiece, up Rs 0.65 or 0.27 percent.
After trading in the red for two consecutive trading sessions, JSW Energy stock surged 5 percent on the NSE today. At 2.30 pm, the company’s stock was quoting at Rs 407.30, up Rs 13.35 or 3.39 percent. Nearly 91 lakh shares of the company exchanged hands at the bourses against a monthly average of 54 lakh shares.
Jefferies recommending NTPC, Power grid and JSW Energy as its top picks seemed to have weighed on the stocks seeing a surge in trading volumes.
“As India enters a phase of capex-driven GDP growth, power intensity should rise. We expect the annual thermal plant-load factor to cross 80 percent by FY25,” the foreign brokerage said.
It expects the capex CAGR in the power sector to rise 9x at 20 percent in the period of FY23 to FY26 versus a mere 2.2 percent recorded in the period FY10 to FY20. Overall, the brokerage expects investments in power generation, transmission and distribution to rise 2.2x to $280 billion between FY24 and FY30.
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