BofA Securities recommended an underperform rating on NHPC with a target price of Rs 63. The Q3 earnings were a miss on lower generation led by lower water availability.
PSU bank stocks such as Punjab and Sind Bank, Central Bank of India, Bank of Maharashtra, UCO Bank, and Indian Overseas Bank surged by 4-6%. Bank of India and Punjab National Bank (PNB) also rose over 3%.
India s Prime Minister Narendra Modi announced the PM Surya Ghar Muft Bijli Yojana, which will invest over Rs 75,000 crore to provide free electricity to 1 crore households. The scheme, first announced in January, will involve substantial subsidies and concessional bank loans. The government will integrate stakeholders into a National Online Portal for convenience.