India's BHEL, Indiabulls Power shares drop on power project worries
MUMBAI Jan 10 (Reuters) - Shares in Indiabulls Power Ltd and Bharat Heavy Electricals Ltd 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 0615 GMT; 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
- World holds its breath, mostly hoping Scots vote "No"
- Scotland's independence vote: How will the results come?
- Chinese hackers breach U.S. military contractors -Senate probe
- UPDATE 1-Apple to unveil new iPads, operating system on Oct. 21 - report
- Chinese hacked U.S. military contractors, Senate probe finds
The Federal Reserve renewed its pledge to keep interest rates near zero for a "considerable time," but also indicated it could raise borrowing costs faster than expected when it starts moving. Article | Factbox
China cenbank injects $81 bln into major banks to support economy - reports Full Article