Power cos' shares attract investors on firm demand outlook
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Shares of power distribution companies are in demand amid reports of rising electricity consumption in the country.
An early onset of summer coupled with rising demand from businesses with Covid-led restrictions being withdrawn across the board also raised the demand for power.
According to the India Meteorological Department (IMD), the heatwave spell is likely to continue over northwest India and parts of central India during the next few days, which would subsequently lead to more households using coolers and air-conditioners.
The shares of Adani Power have been on a bull run for the past one month and on Wednesday, the shares were locked in the 5 per cent upper circuit.
In the past one month, the shares more than doubled the investors' portfolio as it rose 110 per cent.
Besides, shares of Tata Power and state-run Power Grid Corporation of India have been on a roll. Just in the past five sessions, they rose over 20 per cent and nearly 10 per cent, respectively.
GE Power India, CESC, RTNPOWER, Suzlon Energy, Reliance Power, DPSC, and Jaiprakash Power Ventures were some of the other top runners in the power space on Wednesday.
