ECONOMY

NTPC, PGCIL, CESC, Tata Power – February Saw Slight Uptick In Demand: HDFC Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Institutional Equities

Generation growth declined by 0.7% YoY in January 2022, as demand was muted due to partial lockdowns in states (amid concerns of a third Covid-19 wave) and the peak winter season. In the month-to-date February 2022 period, however, demand growth stood at 3.4% YoY, as lockdowns have eased and temperatures have risen slightly.

Coal dispatches to the power sector surged by 40% YoY to 63.2 million tonne in Jan-22. Lower power demand and improved coal supply led to a 3.4 times increase in coal stocks at stations, compared to the critical levels of October 2021.

The base deficit/peak deficit remained flat month-on-month at 0.3%/0.1%, while the merchant rate surged to Rs 4.2/unit in Feb-2022. As of Feb, discoms’ outstanding dues have risen to Rs 1,077 billion (up 19.5% YoY/up 1.0% month-on-month).

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