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Shares of companies owning gas-operated power plants rose after the government said it will boost the import of liquefied natural gas (LNG) to improve electricity generation and revive plants to fuel economic expansion.
Torrent Power Ltd j umped 7.1 per cent, GVK Power & Infrastructure Ltd rose 3.2 per cent, while Lanco Infratech Ltd rose 4.4 per cent.
“Government will provide subsidy directly to the distribution companies for purchasing gas-based power. This will help the gas-based power plants to operate at a capacity utilisation of about 30 per cent and generate cash on their idle assets,’’ Morningstar analyst Piyush Jain said in a note.
Gas suppliers and importers also gained. Gujarat State Petronet jumped 6.1 per cent, while Petronet LNG and GAIL (India) rose 0.9 per cent each.
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