PTC India rises on report of Adani Group eyeing stake

PTC India

09/01/2023 04:22

** Shares of PTC India Ltd  PTCI.NS  rise ~5% to 87.40
rupees, their highest since Dec. 15
    ** Gautam Adani among potential suitors to buy a stake in
the state-backed electricity trader, Bloomberg reports
    ** State-owned entities NTPC  NTPC.NS , NHPC  NHPC.NS ,
Power Grid Corp of India  PGRD.NS  and Power Finance PWFC.NS>
working with adviser to weigh selling their stakes of ~4% each,
with bids due as soon as the end of the month, report adds
    ** PTC stock above its 50-, 100-, 200-day simple moving avg
prices
    ** Stock poised to snap three straight sessions of losses
 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))