In case, the Nifty50 gets broken down the support 19,480, the low of previous week, 19,300 (the low of October month) is likely get tested in coming sessions, experts said.
Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd s wind power unit for Rs 925 crore as part of its effort to expand its renewable energy portfolio. ONGC already has 189 MW of renewable energy capacity and aims to reach 10 GW by 2030. The acquisition of PTC Energy Limited (PEL), which has a renewable energy portfolio of 288.8 MW, is subject to the approval of PTC shareholders. ONGC has previously announced plans to invest Rs 2 lakh crore to achieve zero carbon emissions by 2038.
NHPC Ltd, Power Finance Corporation Ltd, Power Grid Corporation of India Ltd and NTPC Ltd owned 4.05 per cent stake each in the power trading company as on September 30.
In 2008, the IPO of a power company got subscribed in less than a minute of its opening and the size of that issue was Rs 11,563 crore. This just shows the desire to own power sector stocks at that point of time. From those days of frenzy to the nadir in 2014, when power companies were on the top of the list of NPA of the banks. Power companies have seen both the extreme of valuations. It is a sector where after many failures and to some extent a consolidation, some companies have emerged which know how to deal with all kinds of economic and industry cycles. That is probably the reason why a number of companies from the power sector have seen a sharp re-rating in the last one year. Hoping the survivors have learnt their lessons.