Sensex, Nifty continue to fall; Tata Power, Adani Power drop
Epic ResearchComments Off on Sensex, Nifty continue to fall; Tata Power, Adani Power drop
Equity benchmarks continued to see downtrend in afternoon trade while the broader markets maintained outperformance with the BSE Midcap and Smallcap indices rising 0.2 percent.
The 30-share BSE Sensex slipped 125.28 points to 24775.35 and the 50-share NSE Nifty declined 33.70 points to 7580.65.
Tata Power and Adani Power fell 3 percent each after the Appellate Tribunal for Electricity (APTEL) today struck down a 2014 order by the Central Electricity Regulatory Commission (CERC) that granted compensatory for both companies, holding that the central regulator did not have the power to allow for it.
The CERC had in February 2014 ruled that Tata and Adani will be allowed to increase tariffs temporarily to compensate for additional fuel costs that they were incurring due to expensive coal imports in their plants in Mundra, Gujarat.
The news is a rude shock for both companies, says Murtuza Arsiwalla of Kotak Institutional Equities, adding that stocks were already pricing in the order. Benefit of Rs 15-20 per share was expected from CERC order, which now reversed, will weigh on the stock price. He expects Rs 50-60 crore loss for Tata Power post the decision.
RELIANCE +2.38%, CIPLA +1.51%, TCS +1.41%, BPCL +0.95, INUSINDBANK +0.80 For Real Time News & Trading Trends Keep Liking – Epic Research Private Limited Facebook Twitter YouTube Pinterest Linkedin Google+ You may also like: Epic Research Update : US Markets Epic Research Update : Asian Markets No related posts.
Shares of India’s automotive giant, Tata Motors were trading down 3.15% at Rs 189.25 on the BSE at 11:14 am on Monday on weak Jaguar Land Rover October sales. For Real Time News & Trading Trends Keep Liking Epic Research Limited Facebook Twitter YouTube Pinterest Linkedin Google+ Related posts: NIFTY TOP LOSERS Lupin gets USFDA […]
The Indian rupee opened lower by 9 paise at 67.40 per dollar on Tuesday versus 67.31 Monday. For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co Facebook Twitter YouTube Pinterest Linkedin Google+ You may also like: Sensex & Bank Nifty soar 400pts, Nifty eyes 7900; Tech Mah up 7% Nifty above 7850, Sensex surges; HDFC, […]