Shares in private power producers rose more than 2% in a subdued market on Wednesday on media reports the government has issued a directive to state-backed Coal India to sign deals committing to meet 80% of the coal requirement of the utilities.
Average domestic coal prices are Rs 1,600-1,700 per tonne and are anywhere between 40-70% below international spot prices as they are capped by the government which is keen to provide cheap electricity. Last checked, shares in Adani Power, Tata Power and JSW Energy were up between 2.3% and 3.2%, while the main Mumbai index was down 0.6%.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
