Two months into summer, India's power demand has reached its highest level for the season. On May 18, the country's peak power demand reached nearly 230 gigawatt (Gw), surpassing the previous peak of 223 Gw recorded on May 6.
On the bourses, investors have also been chasing power stocks amid a seething heatwave sweeping across Northern India.
For instance, Tata Power's stock and NTPC's stock hit fresh record highs of ₹464.3 and 380.4 per share, respectively, on May 3.
Likewise, Power Grid Corporation of India's (PowerGrid's) stock price hit a new record high of 328.35 on May 22, while JSW Energy's stock price reached its lifetime high of ₹651.5 on April 22.
2024, power stocks have outperformed the benchmark S&P BSE Sensex by surging between 18 per cent and 52 per cent, compared to a 4.4 per cent rise in the 30-stock index, according to ACE Equity data.
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