Power companies shares are up, led by Adani Power (up 13.13 percent to Rs 49.55) after the company got a favourable ruling from sector regulator Central Electricity Regulatory Commission (CERC).
Adani Power had earlier sought a hike in power tariffs due to rise in imported coal price. It had approached the CERC to consider increases in power tariffs after customers in Haryana and Gujarat declined to pay higher rates for the electricity generated from its imported coal-based plant in Gujarat.
In what can be termed as a big positive for the company stock, CERC has allowed a variable compensatory tariff to be offered to Adani Power till the fuel situation stabilizes.
Meanwhile, shares of Tata Power also rose 5.61 percent to Rs 100.70 and RelPower also jumped 3.50 percent to Rs 67.95 as the judgement is likely to strengthen the case for higher power tariffs for other imported coal-based projects of these companies.
Companies' financial viability of power plants fuelled by imported coal has been affected as they bought coal mines in Indonesia to feed their plants. But coal imports became expensive for the firms when the Indonesian government last year started levying higher taxes.
Read This: Adani Power rises 5% as Vinod Adani buys 75 lakh shares
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