Heatwave Drives Up Power and AC Stocks Amid Rising Temperatures
Heatwave Boosts Power, AC Stocks: NTPC, Tata Power, Blue Star Gain Up To 2.6%
News 18
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As temperatures in North India are forecasted to exceed 43°C, stocks of power and air-conditioning companies like NTPC, Tata Power, and Blue Star have seen gains of up to 2.6%. Meanwhile, consumers in Delhi may face higher electricity bills due to a rejected plea for extended payment deadlines.
- 01Power and AC stocks rose due to rising temperatures in North India.
- 02NTPC shares increased by 1.31% to ₹398.75.
- 03Delhi consumers may face higher electricity tariffs after a court ruling.
- 04The India Meteorological Department issued a yellow alert for heatwave conditions.
- 05Temperatures in Delhi are expected to reach 43°C, boosting demand for cooling solutions.
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On Monday, stocks in the power and air-conditioning sectors surged as a heatwave is expected to push temperatures in North India beyond 43°C. NTPC's shares rose 1.31% to ₹398.75, Tata Power gained 1.77% to ₹435.15, and Adani Power advanced 2.62% to ₹203.70. Cooling appliance manufacturers also saw gains, with Blue Star climbing 2.30% to ₹1,909.10. In a related development, electricity consumers in Delhi may face increased power bills after the Appellate Tribunal for Electricity (APTEL) denied a request from the Delhi Electricity Regulatory Commission (DERC) to extend the deadline for clearing dues of around ₹30,000 crore (approximately $3.6 billion USD). This decision follows a Supreme Court ruling mandating state regulators to start clearing pending dues by April 2024. The India Meteorological Department (IMD) has issued a yellow alert for heatwave conditions in Delhi, with temperatures expected to rise sharply in the coming days, further increasing demand for electricity and cooling solutions.
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Consumers in Delhi may see an increase in their electricity bills, which could affect household budgets and overall living costs.
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