Energy stocks are trading in the green. Petronet LNG and Essar Oil are the biggest gainers while Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd (HPCL) are the biggest losers. According to a leading financial daily, Reliance Industries has scaled down investment in KG-D6 block by almost USD $3 bn on back of an unexpected drop in reserves. The company, which had in 2006 proposed an investment of USD $8.8 bn in two-phases on the fields, in the revised field development plan (FDP) has outlined a further investment of only USD $235 m over and above USD $5.6 bn that has already been spent. The company has said that the remaining reserves in the fields do not justify drilling of any more wells and the additional spending would be used for raising gas compression capacity.
Power stocks are trading strong led by JSW Energy and PTC India Limited. According to a leading financial daily, National Thermal Power Corporation's (NTPC) Korba (Chhattisgarh) plant's ash-dyke in Dhanras was severely damaged because of excess rainfall in September last year. The company was constructing a new ash-dyke in Ghorapat village which got stalled due to land issues. This had hampered production at the 2650 megawatt power station of NTPC. The latest Chhattisgarh High Court order has come as a relief to the company whose Korba plant is now back on track. At Korba station, NTPC produces power at the cheapest rate. The Korba project has been existence since 1983 when its first unit started operating.