Power stocks pulled back from their early gains during the second half of Wednesday's trading session. BSE Power has gained by nearly 1% today before correcting. Adani Group's transmission company locked itself on the upper circuit, while substantial gains were also added by BHEL and ABB to the index that limited overall losses.
At around 2.30 pm, BSE Power was trading at 2,706.77 down 2.07 points or 0.08%. The index has touched an intraday high and low of 2,737.72 and 2,705.76 respectively.
Adani Transmission froze at 5% upper circuit and emerged as the top gainer on the index. CESC and BHEL surged by 2.3% and 1.3% respectively. ABB climbed by 1.1%.
Torrent Power and NHPC advanced marginally.
On the contrary,
Thermax was the top bear plunging 2% followed by Adani Power, KEC and Power Grid slipping by more than 1% each.
Siemens and NTPC dipped 0.9% and 0.7% respectively. Indian Energy Exchange, Tata Power and Adani Green were marginally down.
The performance in BSE Power comes after the UK expresses willingness for collaborating with India on Green Hydrogen.
On Tuesday, Union Minister of Power and Renewable Energy, RK Singh said that India’s interest in collaborating with the UK on offshore wind. He also stressed the need for the developed and developing countries to work together for bringing down the cost of storage. He informed the delegation that India is the only G20 country whose actions are following the NDCs set by them under the Paris Agreement.
In a meeting yesterday, discussions were held on the need of increasing storage capacity given India’s ambitious target of having 450 GW of installed Renewable Capacity by 2030. The UK side was invited to participate in the upcoming bids for Green Hydrogen and lithium-ion.