Power shares up on definite plans to resolve sector woes

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Power shares up on definite plans to resolve sector woes

SI Reporter / Mumbai 19 Jan 12 | 11:44 AM

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Shares of power companies have rallied on the bourses after Prime Minister Manmohan Singh assured the promoters of private power companies that a road map would be prepared to resolve the issues in a time-bound manner.

A Committee of Secretaries headed by Principal Secretary to the Prime Minister, Pulok Chatterji, would be set up to look into the power sector's problems. The committee will chalk out 30-day, 60-day and 90-day plans, the reports suggest.

The promoters of private power companies, including Ratan Tata and Anil Ambani met Prime Minister Manmohan Singh on Wednesday and sought solutions to problems like acute fuel shortage, coal prices, delays in green clearances and funding.

Among the individual stocks, Reliance Infrastructure has rallied 7% to Rs 473 and Tata Power surged 5% at Rs 103 on the Bombay Stock Exchange. NTPC, Torrent Power, Reliance Power and Adani Power are trading higher by 2-3% each.