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BW Businessworld

Power Producers Rally On Coal Supply Reports

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Shares in private power producers rose more than 2 per cent 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 per cent of the coal requirement of the utilities.

Average domestic coal prices are 1,600-1,700 rupees per tonne and are anywhere between 40-70 per cent 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 per cent, while the main Mumbai index was down 0.6 per cent.

(Reuters)