Power utilities gain on Delhi tariff hike

Power utilities Reliance Infrastructure rose 2 percent, while Tata Power rose 2.2 percent Delhi Electricity Regulatory Commission proposed a hike in power tariffs in New Delhi effective July 1.

Tariff for household consumers would go up by 24 percent and prices for commercial consumers will be hiked by 19.5 percent, the DERC mandated.

State-run power sector lenders such as Power Finance Corp and Rural Electrification Corp also gained on expectations utilities would be better placed to pay back their loan commitments.