ICICIdirect.com's report on Power space
"Generation increased 5.9% YoY in May 2015 driven by the arrival of peak summer season across the country. Barring the gas segment, generation increased across all other sector viz. coal, nuclear and hydro segments. Plant load factors (PLFs) declined across coal and gas segments but improved across hydro and nuclear. Revival in demand increased base deficit during the month but peak deficit remained largely flat. Accordingly, merchant rates declined both MoM and YoY in April 2015. While the sector continues to face constraints in terms of 1) fuel availability and pricing, 2) environment clearances and 3) SEB’s financials, recent initiatives taken by the government like Coal Ordinance, auctioning of gas price, fast tracking of project clearances, e-auction of coal etc. may unblock the policy logjam for the sector. Top picks in our coverage universe are NTPC and Power Grid", says ICICIdirect.com research report.
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