Power shares dip post IIP numbers

Siemens, Crompton Greaves, Bharat Heavy Electrical Limited, Reliance Infrastructure and JSW Energy have fallen more than 2% each on the BSE

Shares of power generation companies are under pressure after the Indices of Industrial Production (IIP) of electricity sector reported 2.8% growth in July 2012 compared to 13.1% a year earlier. The sector had recorded 8.8% growth in June 2012.

 

The Bombay Stock Exchange (BSE) power sector index is down 1% as compared to 0.41% rise in the benchmark Sensex at 1319 hours.

Among the individual stocks Siemens, Crompton Greaves, Bharat Heavy Electrical Limited, Reliance Infrastructure and JSW Energy have fallen more than 2% each, while Adani Power, Torrent Power, NTPC and Reliance Power are down by 1-2% on the Bombay Stock Exchange (BSE).

 

Meanwhile, the growth in July 2012 index of industrial production (IIP) was 0.1% higher as compared to the level in the month of July 2011. The cumulative growth for the period April-July 2012-13 over the corresponding period of the previous year stood at -0.1%.