NHPC hits 52-week high, SJVN up 9% on reports of government bailout : 9 June 2017

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Shares of state-owned electric utility companies such as NHPC and SJVN rallied more than 5% each in early morning trade on reports that the government has decided to provide a Rs 16,000-crore bailout package to the hydropower sector, drowning under a spate of stalled and stressed projects.

“This package includes a 4% interest subvention to projects with total capacity of 11,639 Mw and the creation of a Hydro Power Development Fund. The fund would be financed with either coal cess or from the National Clean Energy Fund or the pool for the Development of North Eastern Region (DONER),” the Business Standard report suggests.

NHPC surged 8% to Rs 34.05, also its 52-week high on the BSE. The trading volumes on the counter more than doubled with a combined 8.1 million shares changed hands on the BSE and NSE till 09:30 am.

SJVN soared 9% to Rs 35.15 on BSE in early morning trade on the back of an over two-fold jump in trading volumes. A combined 1.17 million shares changed
hands on the counter on both the exchanges so far.

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