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  5. Tata Power, JSW Energy, Adani Power, ABB India shares on the rise today; here’s why?

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Tata Power, JSW Energy, Adani Power, ABB India shares on the rise today; here’s why?

Upstox
By Upstox News Desk

4 min read | Updated on October 08, 2024, 14:56 IST

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SUMMARY

Tata Power was the lead gainer in the NIFTY Energy index, rising to 4.5% in the afternoon trade. The NIFTY Energy index rose by nearly 1.5% in the first half, following sharp gains in power companies, but later, some of the gains were pared to trade at 1.22% higher.

Stock list

TATAPOWER
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JSWENERGY
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ADANIENSOL
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SILVERMIC
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Power sector stocks rise up to 7% as NIFTY remains above 24,950

Power sector stocks rise up to 7% as NIFTY remains above 24,950

Shares of leading power sector companies, including Tata Power and JSW Energy, rose to 7% on Tuesday, October 8, following experts' positive outlook on the sector's performance.

Tata Power was the lead gainer in the NIFTY Energy index, rising to 4.5% in the afternoon trade. NTPC also gained around 2.5%, and Adani Power gained more than 2% on the NSE.

Also Read: Oil-linked stocks in focus as Brent crude surpasses $80/barrel

NIFTY Energy index rose by nearly 1.5% in the first half, following sharp gains in power companies, but later, some of the gains were pared to trade at 1.22% higher.

Experts sound positive on power sector shares

As per experts, power companies are expanding their renewable and overall operational capacity. They also have a strong order book, which will drive growth in the coming months.

The power sector holds an investment potential of ₹40 lakh crore, with generation accounting for a large 86% share of total spending. Transmission and smart metering account for 10% and 4% of the total expected spending.

Power demand is also accelerating with a growing economy and increased retail consumer demand. Moreover, as market observers have noted, the replacement of old infrastructure and a shift to cleaner energy sources also fuel the growth of the power sector.

Following the bullish calls by experts, power sector shares rebounded even as the broader market also witnessed an upward momentum.

Here are key power sector gainers:

Tata Power

Tata Power shares rose more than 4.5% to hit an intraday high of ₹460.95 apiece on the NSE. The stock had been on a decline since September 27. The stock has risen around 80% in the past year and by 38% in 2024 so far. The stock was trading nearly 3.46% higher at ₹456.45 apiece on the NSE at 1:30 pm.

JSW Energy

Private power producer JSW Energy shares jumped over 6% to hit a high of ₹718 per share on NSE in the morning session. Experts believe JSW Energy could post robust growth in EBITDA in the next three financial years till FY27.

Shares of the company were trading around 6.3% higher at ₹716.6 apiece on the NSE at 1:30 pm, taking the total gains in 2024 so far to over 71%

Adani Energy Solutions

Leading power transmission company Adani Energy Solutions jumped up to 8.11% to hit an intraday high of ₹1,010 apiece on the NSE. The company announced the formation of a new subsidiary for transmission projects. The Adani Group firm plans to expand its footprint in global markets in transmission projects.

Adani Energy Solutions shares were trading 7.32% higher at ₹1,002 apiece at 1:30 pm.

ABB India Ltd

Power solution provider ABB India Ltd rose more than 4.3% to hit a high of ₹8,095 apiece on the NSE in morning trade. The stock later pared some gains to trade at ₹8,082 apiece, up 4.1%, in the afternoon session.

Siemens Ltd

Power equipment major Siemens Ltd gained as much as 3.95% to hit an intraday high of ₹7,274.75 apiece on the NSE. The stock, however, pared some gains to trade 3.87% higher at ₹7,268.7 apiece on the NSE around 1:35 pm. The stock has gained around 79% in 2024 so far while the price has doubled in the past year.

CESC Ltd

Power distribution company CESC Limited gained around 3% to hit a high of ₹190.17 per share on NSE. The stock has rallied around 37% in 2024 so far.

CESC shares were trading near the day’s high at ₹189.52 apiece, up 3.31%, on the NSE around 1:35 pm.

Adani Power

Adani Power shares rose up to 3% amid the rally in power sector stocks. The Adani Group stock hit a high of ₹645.9 per share on the NSE in the afternoon session. The stock later pared some gains to trade 2.83% higher at ₹643.15 apiece.

NTPC

Leading public sector power producer, NTPC rose more than 2% to hit a high of ₹427.7 on the NSE, cutting short its four-day losing streak. The stock later traded 1.47% higher at ₹421.55 per piece on the NSE.

Genus Power Infrastructures Limited

Leading smart metering solutions provider across Asia Pacific region Genus Power Infrastructures Limited rallied up to 5% to hit the upper circuit at ₹380.55 apiece on the NSE. The stock rally comes after market experts gave the power sector company a positive outlook.

In addition to these major players, shares of Rattan India Power jumped more than 3% and renewable energy player Suzlon Energy by over 2%, while PTC and Adani Green gained up to 2%.

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