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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.
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