PFC, REC in demand

Power Finance Corporation and Rural Electrification Corporation rose by 5.25% to 5.28% at 14:15 IST on BSE as power corporations are looking to float rupee-denominated debt instruments to raise funds for renewable energy projects.

Power Finance Corporation (PFC) (up 5.28%) and Rural Electrification Corporation (REC) (up 5.25%), edged higher.

State-run NTPC was flat at Rs 141.20. Neyveli Lignite Corporation was up 0.49%. Power Trading Corporation (PTC) was down 1.73%.

Meanwhile, the S&P BSE Sensex was up 92.67 points, or 0.36% at 25,936.85.

Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy Piyush Goyal said yesterday, 20 April 2016, in London that public sector energy companies including NTPC, Neyveli Lignite Corporation, Power Finance Corporation, Power Trading Corporation and Rural Electrification Corporation are likely to launch Masala bonds totalling $1 billion in the next three or four months in the UK. The tenor of these bonds is likely to be limited to a band of five to seven years and these are going to be in smaller denominations ranging from $150-250 million. This will be subject to decisions made by the board of the directors of these state-run firms, Goyal said. Masala bonds are primarily rupee denominated bonds issued to overseas buyers.

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