Power Finance Corp up 3%

The stock gained 3.2 per cent to Rs 253.80 after the company announced that it entered a joint venture agreement with NTPC, Power Grid Corporation of India and Rural Electrification Corporation for formation of a public limited company.

The aforesaid agreement has been signed for incorporating a joint venture company with equal equity contribution (25 per cent each) from all the four PSUs. The joint venture company will carry out the business of energy efficiency, energy conservation and climate change.