BHEL, Indiabulls Power shares drop on power project worries
MUMBAI (Reuters) - Shares in Indiabulls Power Ltd INDP.NS and Bharat Heavy Electricals Ltd (BHEL.NS) dropped on Thursday after Barclays Capital and Citigroup warned two thermal power projects the two companies were involved with could have been held up.
Barclays Capital and Citigroup both cited a report from the Central Electricity Authority under the Ministry of Power, highlighting that Indiabulls's projects at Nashik and Amravati in Maharashtra state had been held up due to "suspension of payments by financiers".
BHEL is a key supplier to Indiabulls on the two projects, according to these analysts.
BHEL and Indiabulls were not immediately available for comment.
BHEL shares were down 1.9 percent as of 11:45 a.m.; while Indiabulls shares were down 4.4 percent.
(Reporting by Abhishek Vishnoi and Manoj Dharra; Writing by Rafael Nam; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
Trending On Reuters
A brief meeting between India's Prime Minister Narendra Modi and his Pakistani counterpart appears to have salvaged a summit of South Asian leaders, with all eight countries clinching a last-minute deal to create a regional electricity grid. Full Article
Forever21 sets sights on Indian cities, but please hold the hot pants Full Article
Japan inflation slows in October, output and spending show signs of recovery Full Article