Power stocks are trading strong led by Indiabulls Power and Reliance Infra. As per a leading daily, scanty rainfall is adding to the troubles of the power distribution sector that is already grappling with a number of problems. Growing demand from the agriculture sector is forcing the power utilities to buy costlier power from the spot market. As per the power distribution companies, if power tariffs continue to rise at the current rate, the business of power distribution will become a loss making venture. We may note here that farmers' energy demands rise during a deficient monsoon as they have to depend on water lifting devices to irrigate their lands. Demand for power has risen by over 25% so far this year owing to shortage of rainfall.
Private banking stocks are trading in the green led by ICICI Bank and Axis Bank. According to a leading financial daily, India's leading private bank, Yes Bank has launched International Prepaid Travel Card aimed at the overseas traveler. This will help the traveler by eliminating the need to carry currency or traveler's cheques while travelling. The card is denominated in US Dollars and can be purchased from the bank's branch by any individual even if he is not holding a Yes Bank account presently. Yes Travel card holders will be able to transact via ATMs, Net Banking, and Merchants in the local currency and the card is loaded with US Dollars in India.