Hydropower stocks soar; NHPC top contributor to power index

Shares of hydropower companies shot up in the morning trading session on Friday. The government has reportedly decided to provide a Rs 16,000 crore bailout package to the hydropower sector.

Hydropower stocks such as NHPC and SJVN are trading in the green territory. NHPC is majorly contributing to BSE Power gains. NHPC was trading higher by 5.4% at Rs 33.20 per share at 1004 hours IST. It also hit a 52-week high value of Rs 34.25.

SJVN was up by 3.2% at Rs 33.35 per share. The stock also witnessed a spurt in the volume by more than 4.10 times.

The bailout package will provide a 4 percent interest subvention to projects with a total capacity of 11,639 megawatts (MW) and enable the creation of a Hydro Power Development Fund, reported a national news portal.

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