Equity Alert: Power shares down 1-5% on input cost worries

[K.Karthik Raja]

Equity Alert: Power shares down 1-5% on input cost worries
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Equity Alert: Power shares down 1-5% on input cost worries
MUMBAI--11:40AM--Shares of power companies were down 1-5% on
worries input
costs for the sector are likely to remain high for a few months on
shortage of
coal, dealers said.
Tata Power Co was down 5% at 1,235 rupees, while Reliance Power
was down
over 4% at 219 rupees, and NTPC down 1% at 160 rupees.
"Most power plants are thermal-based and availability of coal has
been an
issue for some time. So input prices are likely to remain high for the
next
five-six months at least," said Prachet Sheth, analyst, AC Choksi
Share Brokers.
Coal prices have increased over 30% in 2008, analysts said.
The company's June futures contract was at par to the spot with a
rise in
open interest as investors built short positions, dealers said.
Support for NTPC is seen at 156 rupees and then at 151 rupees, and
for Tata
Power at 1,215 rupees, a technical analyst said.

[K.Karthik Raja]

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