India's Power Finance, REC rise after Bernstein sees no pain from Adani exposure

REC

22/11/2024 05:51

** Power Finance  PWFC.NS  and REC  RECM.NS  rise 3.6% and
2%, respectively, leading public sector enterprises index
 .NIFTYPSE  1% higher
    ** State-owned PWFC and RECM fell 3.8% and 5% on Thursday,
hurt by concerns over exposure from Adani group after U.S.
prosecutors indicted Gautam Adani
    ** "We remain positive on PWFC and RECM and see the recent
correction as an enhanced buying opportunity," says Bernstein,
which has "outperform" on both stocks
    ** Says markets' concern seems to be around Solar Energy
Corporation of India's tender won by Adani Green
 ADNA.NS -Azure; power purchase deal signed between 2021 and
2022
    ** Adds land and solar assets can be used for ADNA's other
projects in case deal is terminated
    ** PWFC up 23% YTD; RECM up 21%, mirroring NIFTYPSE's 23.5%
rise

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))