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The market has started off week on a positive note, tracking global cues post US jobs data. The 30-share BSE Sensex rose 125.18 points to 25394.82 and the 50-share NSE Nifty climbed 38.15 points to 7751.20.
Torrent Power shares rallied 4.7 percent intraday after the Gujarat electricity regulator approved company's past recovery of Rs 470.5 crore. Gujarat Electricity Regulatory Commission (GERC) approved recovery of past period gaps of Rs 470.50 crore by way of regulatory charge at 45 paise per unit, said the company. GERC, on March 31, issued tariff orders for Ahmedabad Generation, Ahmedabad Distribution and Surat Distribution businesses of Torrent Power for truing-up of its financials for FY2014-15 and determination of tariff for FY2016-17. These orders are effect from April 1, 2016
According to order, recovery of regulatory charge has to be stopped once the said gaps are recovered in full during the year. A 25 basis point cut by the Reserve Bank of India has been priced in by markets, and may even send the Nifty into a minor correction towards the lower end of its emerging 7,500-7,800 range, says Udayan Mukherjee.A 50 basis point could send the Nifty higher by another couple of hundred points.The Reserve Bank is meeting on April for its first monetary policy meeting of the fiscal.Globally, Mukherjee said the global outlook continues to remain clouded, the strong US jobs data notwithstanding, maintaining that we live in a time of "extraordinary monetary policies.