Most of the power stocks are trading in the green led by KSK Energy and Torrent Power. CESC Ltd and Power Grid are among the few stocks trading in the red. As per a leading financial daily, Power Grid has received board approval for two transmission projects valued at Rs 10 bn. The first project is to carry out substation work associated with system strengthening in the Southern region for the import of power from the western region at a cost of Rs 9.7 bn. The project has to be commissioned within 36 months from the date of investment approval. The second project is implementation of a common transmission scheme associated with ISGS projects in Nagapattinam/Cuddatore area of Tamil Nadu. The project has a completion schedule of 30 months.
Majority of the mining stocks are trading in the green led by MMTC and Ashapura Minechem whereas MOIL and Coal India Ltd (CIL) are the few stocks trading in red. As per a leading financial daily, CIL has given green signal to a long-pending proposal for the set up of a 1,600 MW pithead power plant at the Sundergarh district in Orissa. CIL had planned to enter the business of power generation almost a decade ago in 2005 and had given an in-principal nod to subsidiary Mahanadi Coalfield for the foray then. Mahanadi Basin Power, a special purpose vehicle set up by Mahanadi Coalfields, will erect the power plant at an estimated investment of Rs 110 bn. Nearly 800 acres of land in coal-rich Sundergarh district have been earmarked for the project but government clearance would be required for the proposed power project. The Odisha government has offered 50,000 cubic feet per second of water for the project and the 7-8 m tonnes fuel for the project will be sourced from nearby mines.