Power stocks in demand, index hits 52-week high on announcement for hydro and solar projects in Budget FY23, Adani Power, Tata Power top bulls

1 Feb 2022 , 12:39 PM

The S&P BSE Power index stocks witnessed record high levels after allocation for hydro and solar projects in FY23 in the Union Budget FY23 presented by the Finance Minister Nirmala Sitharaman on Tuesday’s session. The winning streak stretched by heavyweights Adani Power, Tata Power logging 3-4% during the early session so far today.

The power stocks in focus as Rs1,400cr will be allocated for 123 MW hydro & 27 MW solar projects in FY23, the Finance Minister said.

At around 12:30 PM, after the Union Budget announcement, the S&P BSE Power index was trading at 3,979.78 up 42.32 points or 1.%. The index has touched a new 52-week high at 4006.13

Adani Green was the top bull zoomed by 3% followed by the stock of Siemens company was trading higher by 2.37% in S&P BSE Sensex. Adani Transmission from the index lead the bull run by surging over 2.17%.

KEC International, NTPC and BHEL were also trading on a bullish note with ABB India climbed more than 1%. NTPC stocks in focus as its subsidiary acquires 5% stake in Power Exchange of India.