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EXCLUSIVE-India weighs plan to slash Pakistan water supply with new Indus river project
Updates with fresh India remarks
India considering plan to expand canal on Chenab river allocated to Pakistan
Delhi weighing other projects that could reduce flow of water into Pakistan, sources and documents indicate
India suspended participation in Indus Waters Treaty after Kashmir attack
Pakistan views treaty suspension as unlawful, considers water diversion an act of war
By Sarita Chaganti Singh, Krishna N. Das, Aftab Ahmed, Charlotte Greenfield, Ariba Shahid
NEW DELHI/ISLAMABAD, May 16 (Reuters) - India is considering plans to dramatically increase the water it draws from a major river that feeds Pakistani farms downstream, as part of retaliatory action for a deadly April attack on tourists that New Delhi blames on Islamabad, according to four people familiar with the matter.
Delhi "put in abeyance" its participation in the Indus Waters Treaty of 1960, which governs usage of the Indus river system, shortly after 26 civilians in Indian Kashmir were killed in what India called an act of terror. Pakistan has denied involvement in the incident, but the accord has not been revived despite the two nuclear-armed neighbours agreeing a ceasefire last week following the worst fighting between them in decades.
After suspending India's participation in the treaty, Indian Prime Minister Narendra Modi ordered officials to expedite planning and execution of projects on the Chenab, Jhelum and Indus rivers, three bodies of water in the Indus system that are designated primarily for Pakistan's use, six people told Reuters.
One of the key plans under discussion involves doubling to 120km the length of the Ranbir canal on the Chenab, which runs through India to Pakistan's agricultural powerhouse of Punjab, two of the people said. The canal was built in the 19th century, long before the treaty was signed.
India is permitted to draw a limited amount of water from the Chenab for irrigation, but an expanded canal - which experts said could take years to construct - would allow it to divert 150 cubic meters of water per second, up from about 40 cubic meters currently, the four people said, citing official discussions and documents they had seen.
Details of the Indian government's deliberations on expanding Ranbir have not previously been reported. The discussions started last month and continue even after the ceasefire, one of the people said.
The Indian ministries responsible for water and foreign affairs, as well as Modi's office, did not respond to Reuters' questions. Indian hydropower giant NHPC, which operates many projects in the Indus system, also did not respond to an email seeking comment.
Modi said in a fiery speech this week that "water and blood cannot flow together," though he didn't refer to the treaty. Water minister CR Paatil told a media event Friday that his ministry would "implement what Prime Minister Modi says" and "try to ensure that not a drop of water goes out."
The water and foreign ministries of Pakistan did not respond to requests for comment. Foreign Minister Ishaq Dar told lawmakers this week that the government had written to India arguing that suspending the treaty was unlawful and that Islamabad regarded it as remaining in force.
Islamabad said after India suspended the treaty in April that it considered "any attempt to stop or divert the flow of water belonging to Pakistan" to be an "act of war."
About 80% of Pakistani farms depend on the Indus system, as do nearly all hydropower projects serving the country of some 250 million.
Any efforts by Delhi to build dams, canals or other infrastructure that would withhold or divert significant amount of flow from the Indus system to India "would take years to realize," said water security expert David Michel of the Washington-based Center for Strategic and International Studies.
But Pakistan has had a preview of the kind of pressure it could face from India: Water at a key receiving point in Pakistan briefly fell by as much as 90% in early May after India started maintenance work on some Indus projects.
SUCCESS THREATENED
The Indus system runs through some of the world's most geopolitically tense areas, originating near Lake Mansarovar in Tibet and snaking through India's north and Pakistan's east and southeast, before emptying into the Arabian Sea.
The treaty is widely seen as one of the world's most successful water-sharing accords, having survived several major wars and longstanding tensions between India and Pakistan.
Islamabad has previously opposed many Indian projects in the Indus system, while Delhi said after the Kashmir attack that it had been trying to renegotiate the treaty since 2023 to account for population increases and its rising need for clean hydroenergy.
The treaty restricts India largely to setting up low-impact hydropower projects on the three rivers allocated to Pakistan. Delhi has freedom to utilize the waters of three other rivers - the Sutlej, Beas and Ravi tributaries - as it sees fit.
Alongside the plans to expand Ranbir canal, India is also considering projects that would likely reduce the flow of water into Pakistan from rivers allocated to that country, according to two government documents seen by Reuters and interviews with five people familiar with the matter.
One document, an undated note prepared by a government company for officials considering irrigation plans, suggests that water from the Indus, Chenab and Jhelum "potentially be distributed into rivers" in three northern Indian states.
One of the people said the document, the details of which haven't been previously reported, was created for discussions with power ministry officials after the April 22 attack.
Delhi has also created a list of hydropower projects in its Jammu and Kashmir territory that it hopes will expand capacity to 12,000 megawatts, up from the current 3,360 MW.
The list, which was created by the power ministry and seen by Reuters, was not dated. A person familiar with the document said it was created before the Kashmir incident but is actively being discussed by government officials.
The prospective projects also include dams that can store large volumes of water, in what would be a first for India in the Indus river system, according to two people familiar with the matter.
India has identified at least five possible storage projects, four of which are on tributaries of the Chenab and Jhelum, according to the power ministry document.
POLITICAL WRANGLING
The Himalayan region of Kashmir is claimed by both India and Pakistan, though each controls only parts of the area.
The region has been ravaged by an anti-India insurgency for decades, which Delhi has accused Islamabad of fuelling and funding. Pakistan denies the charges.
International relations expert Happymon Jacob at Delhi's Jawaharlal Nehru University said that India's new focus on the Indus Waters Treaty reflected an attempt to pressure Pakistan over Kashmir.
"With the latest conflict, Delhi may refuse to discuss Kashmir with Pakistan in any format," he said. "Delhi has not only progressively narrowed the scope of bilateral talks but has also curtailed the agenda, focusing only on specific issues like the IWT."
Pakistan has said that it is preparing legal action in several international forums, including the World Bank, which facilitated the treaty, as well as the Permanent Court of Arbitration or the International Court of Justice in the Hague.
"Water should not be weaponised," Pakistan's Finance Minister Muhammad Aurangzeb told Reuters on Monday. "We don't even want to consider any scenario which ... does not take into account the reinstatement of this treaty."
Michel, the U.S.-based expert, said that concern over the treaty's suspension was not limited to Islamabad.
"As geopolitical competition across the region deepens, more than a few Indian observers fear that Delhi’s use of water against Islamabad risks licensing Beijing to adopt the same strategy against India," he said.
Existing hydropower projects in Kashmir: Existing hydropower projects in Indian Kashmir https://reut.rs/4mBejK7
(Reporting by Sarita Chaganti Singh, Krishna N. Das and Aftab Ahmed in New Delhi and Charlotte Greenfield and Ariba Shahid in Islamabad; Editing by Katerina Ang)
Updates with fresh India remarks
India considering plan to expand canal on Chenab river allocated to Pakistan
Delhi weighing other projects that could reduce flow of water into Pakistan, sources and documents indicate
India suspended participation in Indus Waters Treaty after Kashmir attack
Pakistan views treaty suspension as unlawful, considers water diversion an act of war
By Sarita Chaganti Singh, Krishna N. Das, Aftab Ahmed, Charlotte Greenfield, Ariba Shahid
NEW DELHI/ISLAMABAD, May 16 (Reuters) - India is considering plans to dramatically increase the water it draws from a major river that feeds Pakistani farms downstream, as part of retaliatory action for a deadly April attack on tourists that New Delhi blames on Islamabad, according to four people familiar with the matter.
Delhi "put in abeyance" its participation in the Indus Waters Treaty of 1960, which governs usage of the Indus river system, shortly after 26 civilians in Indian Kashmir were killed in what India called an act of terror. Pakistan has denied involvement in the incident, but the accord has not been revived despite the two nuclear-armed neighbours agreeing a ceasefire last week following the worst fighting between them in decades.
After suspending India's participation in the treaty, Indian Prime Minister Narendra Modi ordered officials to expedite planning and execution of projects on the Chenab, Jhelum and Indus rivers, three bodies of water in the Indus system that are designated primarily for Pakistan's use, six people told Reuters.
One of the key plans under discussion involves doubling to 120km the length of the Ranbir canal on the Chenab, which runs through India to Pakistan's agricultural powerhouse of Punjab, two of the people said. The canal was built in the 19th century, long before the treaty was signed.
India is permitted to draw a limited amount of water from the Chenab for irrigation, but an expanded canal - which experts said could take years to construct - would allow it to divert 150 cubic meters of water per second, up from about 40 cubic meters currently, the four people said, citing official discussions and documents they had seen.
Details of the Indian government's deliberations on expanding Ranbir have not previously been reported. The discussions started last month and continue even after the ceasefire, one of the people said.
The Indian ministries responsible for water and foreign affairs, as well as Modi's office, did not respond to Reuters' questions. Indian hydropower giant NHPC, which operates many projects in the Indus system, also did not respond to an email seeking comment.
Modi said in a fiery speech this week that "water and blood cannot flow together," though he didn't refer to the treaty. Water minister CR Paatil told a media event Friday that his ministry would "implement what Prime Minister Modi says" and "try to ensure that not a drop of water goes out."
The water and foreign ministries of Pakistan did not respond to requests for comment. Foreign Minister Ishaq Dar told lawmakers this week that the government had written to India arguing that suspending the treaty was unlawful and that Islamabad regarded it as remaining in force.
Islamabad said after India suspended the treaty in April that it considered "any attempt to stop or divert the flow of water belonging to Pakistan" to be an "act of war."
About 80% of Pakistani farms depend on the Indus system, as do nearly all hydropower projects serving the country of some 250 million.
Any efforts by Delhi to build dams, canals or other infrastructure that would withhold or divert significant amount of flow from the Indus system to India "would take years to realize," said water security expert David Michel of the Washington-based Center for Strategic and International Studies.
But Pakistan has had a preview of the kind of pressure it could face from India: Water at a key receiving point in Pakistan briefly fell by as much as 90% in early May after India started maintenance work on some Indus projects.
SUCCESS THREATENED
The Indus system runs through some of the world's most geopolitically tense areas, originating near Lake Mansarovar in Tibet and snaking through India's north and Pakistan's east and southeast, before emptying into the Arabian Sea.
The treaty is widely seen as one of the world's most successful water-sharing accords, having survived several major wars and longstanding tensions between India and Pakistan.
Islamabad has previously opposed many Indian projects in the Indus system, while Delhi said after the Kashmir attack that it had been trying to renegotiate the treaty since 2023 to account for population increases and its rising need for clean hydroenergy.
The treaty restricts India largely to setting up low-impact hydropower projects on the three rivers allocated to Pakistan. Delhi has freedom to utilize the waters of three other rivers - the Sutlej, Beas and Ravi tributaries - as it sees fit.
Alongside the plans to expand Ranbir canal, India is also considering projects that would likely reduce the flow of water into Pakistan from rivers allocated to that country, according to two government documents seen by Reuters and interviews with five people familiar with the matter.
One document, an undated note prepared by a government company for officials considering irrigation plans, suggests that water from the Indus, Chenab and Jhelum "potentially be distributed into rivers" in three northern Indian states.
One of the people said the document, the details of which haven't been previously reported, was created for discussions with power ministry officials after the April 22 attack.
Delhi has also created a list of hydropower projects in its Jammu and Kashmir territory that it hopes will expand capacity to 12,000 megawatts, up from the current 3,360 MW.
The list, which was created by the power ministry and seen by Reuters, was not dated. A person familiar with the document said it was created before the Kashmir incident but is actively being discussed by government officials.
The prospective projects also include dams that can store large volumes of water, in what would be a first for India in the Indus river system, according to two people familiar with the matter.
India has identified at least five possible storage projects, four of which are on tributaries of the Chenab and Jhelum, according to the power ministry document.
POLITICAL WRANGLING
The Himalayan region of Kashmir is claimed by both India and Pakistan, though each controls only parts of the area.
The region has been ravaged by an anti-India insurgency for decades, which Delhi has accused Islamabad of fuelling and funding. Pakistan denies the charges.
International relations expert Happymon Jacob at Delhi's Jawaharlal Nehru University said that India's new focus on the Indus Waters Treaty reflected an attempt to pressure Pakistan over Kashmir.
"With the latest conflict, Delhi may refuse to discuss Kashmir with Pakistan in any format," he said. "Delhi has not only progressively narrowed the scope of bilateral talks but has also curtailed the agenda, focusing only on specific issues like the IWT."
Pakistan has said that it is preparing legal action in several international forums, including the World Bank, which facilitated the treaty, as well as the Permanent Court of Arbitration or the International Court of Justice in the Hague.
"Water should not be weaponised," Pakistan's Finance Minister Muhammad Aurangzeb told Reuters on Monday. "We don't even want to consider any scenario which ... does not take into account the reinstatement of this treaty."
Michel, the U.S.-based expert, said that concern over the treaty's suspension was not limited to Islamabad.
"As geopolitical competition across the region deepens, more than a few Indian observers fear that Delhi’s use of water against Islamabad risks licensing Beijing to adopt the same strategy against India," he said.
Existing hydropower projects in Kashmir: Existing hydropower projects in Indian Kashmir https://reut.rs/4mBejK7
(Reporting by Sarita Chaganti Singh, Krishna N. Das and Aftab Ahmed in New Delhi and Charlotte Greenfield and Ariba Shahid in Islamabad; Editing by Katerina Ang)
EXCLUSIVE-India starts work on hydro projects after suspending treaty with Pakistan, sources say
Work begins to clear sediment at two plants, sources say
India suspended water-sharing treaty after Kashmir attack
Pakistan denies Indian accusation of role in deadly attack
India begins work without notifying Pakistan, sources say
Adds details; paragraph 2
By Aftab Ahmed, Sarita Chaganti Singh and Krishna N. Das
SRINAGAR, May 5 (Reuters) - India has begun work to boost reservoir holding capacity at two hydroelectric projects in the Himalayan region of Kashmir, sources with knowledge of the matter told Reuters, after fresh tension with Pakistan led it to suspend a water-sharing pact.
The work represents the first tangible step by India to operate outside agreements covered by the Indus Waters Treaty, unbroken since 1960 despite three wars and several other conflicts between the nuclear-armed rivals.
Last month, however, New Delhi suspended the pact that ensures supply to 80% of Pakistani farms after an attack in Kashmir killed 26, and it identified two of the three assailants as Pakistani.
Islamabad has threatened international legal action over the suspension and denied any role in the attack, warning, "Any attempt to stop or divert the flow of water belonging to Pakistan ... will be considered as an act of war".
A "reservoir flushing" process to remove sediment began on Thursday, carried out by India's biggest hydropower company, state-run NHPC Ltd NHPC.NS, and authorities in the federal territory of Jammu and Kashmir, the three sources said.
The work may not immediately threaten supply to Pakistan, which depends on rivers flowing through India for much of its irrigation and hydropower, but it could eventually be affected if other projects launch similar efforts.
There are more than half a dozen such projects in the region.
India did not inform Pakistan about the work at the Salal and Baglihar projects, which is being done for the first time since they were built in 1987 and 2008/09, respectively, as the treaty had blocked such work, the sources added.
They spoke on condition of anonymity as they were not authorised to talk to the media.
India's NHPC and the neighbouring governments did not reply to emails from Reuters to seek comment.
Since independence from British colonial rule in 1947, India and Pakistan have fought two of their three wars over Kashmir, in addition to numerous short conflicts.
The flushing operation ran for three days from May 1, the sources said.
"This is the first time such an exercise has taken place and will help in more efficient power generation and prevent damage to turbines," one of the sources told Reuters.
"We were also asked to open the adjustable gates for cleaning, which we did from May 1," the source said, adding that the effort aimed to free dam operation from any restrictions.
People living on the banks of the Chenab river on the Indian side of Kashmir said they noticed water had been released from both Salal and Baglihar dams from Thursday to Saturday.
'FREE WILL'
The flushing of hydropower projects requires nearly emptying a reservoir to force out sediments whose build-up is a major cause of decline in output.
For example, two of the sources said, power delivered by the 690-MegaWatt Salal project was far below its capacity, because Pakistan had prevented such flushing, while silting also hit output at the 900-MW Baglihar project.
"Flushing is not a common thing because it leads to a lot of water wastage," said one of the sources. "Downstream countries are expected to be informed in case it leads to any inundation."
Building both projects had required extensive back and forth with Pakistan, which worries about losing out on its share of water.
Under the 1960 treaty, which split the Indus and its tributaries between the neighbours, India had also shared data such as hydrological flows at various spots on the rivers flowing through India and issued flood warnings.
India's water minister has vowed to "ensure no drop of the Indus river's water reaches Pakistan".
Government officials and experts on both sides say India cannot stop water flows immediately, however, as the treaty has allowed it only to build hydropower plants without significant storage dams on the three rivers allocated to Pakistan.
The suspension means India "can now pursue our projects at free will", said Kushvinder Vohra, a recently retired head of India's Central Water Commission who worked extensively on Indus disputes with Pakistan.
Prime Minister Narendra Modi's government has sought to renegotiate the treaty in recent years and the archfoes have tried to settle some of their differences at the Permanent Court of Arbitration in the Hague.
These concerns related to the size of the water storage area at the region's Kishenganga and Ratle hydroelectric plants.
(Reporting by Aftab Ahmed in Srinagar and Sarita Chaganti Singh and Krishna N. Das in New Delhi; Additional reporting by Fayaz Bukhari in Srinagar and Ariba Shahid in Karachi; Editing by Clarence Fernandez)
(([email protected]; +91 99109 33884;))
Work begins to clear sediment at two plants, sources say
India suspended water-sharing treaty after Kashmir attack
Pakistan denies Indian accusation of role in deadly attack
India begins work without notifying Pakistan, sources say
Adds details; paragraph 2
By Aftab Ahmed, Sarita Chaganti Singh and Krishna N. Das
SRINAGAR, May 5 (Reuters) - India has begun work to boost reservoir holding capacity at two hydroelectric projects in the Himalayan region of Kashmir, sources with knowledge of the matter told Reuters, after fresh tension with Pakistan led it to suspend a water-sharing pact.
The work represents the first tangible step by India to operate outside agreements covered by the Indus Waters Treaty, unbroken since 1960 despite three wars and several other conflicts between the nuclear-armed rivals.
Last month, however, New Delhi suspended the pact that ensures supply to 80% of Pakistani farms after an attack in Kashmir killed 26, and it identified two of the three assailants as Pakistani.
Islamabad has threatened international legal action over the suspension and denied any role in the attack, warning, "Any attempt to stop or divert the flow of water belonging to Pakistan ... will be considered as an act of war".
A "reservoir flushing" process to remove sediment began on Thursday, carried out by India's biggest hydropower company, state-run NHPC Ltd NHPC.NS, and authorities in the federal territory of Jammu and Kashmir, the three sources said.
The work may not immediately threaten supply to Pakistan, which depends on rivers flowing through India for much of its irrigation and hydropower, but it could eventually be affected if other projects launch similar efforts.
There are more than half a dozen such projects in the region.
India did not inform Pakistan about the work at the Salal and Baglihar projects, which is being done for the first time since they were built in 1987 and 2008/09, respectively, as the treaty had blocked such work, the sources added.
They spoke on condition of anonymity as they were not authorised to talk to the media.
India's NHPC and the neighbouring governments did not reply to emails from Reuters to seek comment.
Since independence from British colonial rule in 1947, India and Pakistan have fought two of their three wars over Kashmir, in addition to numerous short conflicts.
The flushing operation ran for three days from May 1, the sources said.
"This is the first time such an exercise has taken place and will help in more efficient power generation and prevent damage to turbines," one of the sources told Reuters.
"We were also asked to open the adjustable gates for cleaning, which we did from May 1," the source said, adding that the effort aimed to free dam operation from any restrictions.
People living on the banks of the Chenab river on the Indian side of Kashmir said they noticed water had been released from both Salal and Baglihar dams from Thursday to Saturday.
'FREE WILL'
The flushing of hydropower projects requires nearly emptying a reservoir to force out sediments whose build-up is a major cause of decline in output.
For example, two of the sources said, power delivered by the 690-MegaWatt Salal project was far below its capacity, because Pakistan had prevented such flushing, while silting also hit output at the 900-MW Baglihar project.
"Flushing is not a common thing because it leads to a lot of water wastage," said one of the sources. "Downstream countries are expected to be informed in case it leads to any inundation."
Building both projects had required extensive back and forth with Pakistan, which worries about losing out on its share of water.
Under the 1960 treaty, which split the Indus and its tributaries between the neighbours, India had also shared data such as hydrological flows at various spots on the rivers flowing through India and issued flood warnings.
India's water minister has vowed to "ensure no drop of the Indus river's water reaches Pakistan".
Government officials and experts on both sides say India cannot stop water flows immediately, however, as the treaty has allowed it only to build hydropower plants without significant storage dams on the three rivers allocated to Pakistan.
The suspension means India "can now pursue our projects at free will", said Kushvinder Vohra, a recently retired head of India's Central Water Commission who worked extensively on Indus disputes with Pakistan.
Prime Minister Narendra Modi's government has sought to renegotiate the treaty in recent years and the archfoes have tried to settle some of their differences at the Permanent Court of Arbitration in the Hague.
These concerns related to the size of the water storage area at the region's Kishenganga and Ratle hydroelectric plants.
(Reporting by Aftab Ahmed in Srinagar and Sarita Chaganti Singh and Krishna N. Das in New Delhi; Additional reporting by Fayaz Bukhari in Srinagar and Ariba Shahid in Karachi; Editing by Clarence Fernandez)
(([email protected]; +91 99109 33884;))
India New Issue-NHPC accepts bids for STRPP bonds, bankers say
MUMBAI, May 2 (Reuters) - India's NHPC NHPC.NS has accepted bids worth 19.45 billion rupees ($231.6 million) for separately transferable redeemable principal part (STRPP) bonds with six-to-15-year maturities, three merchant bankers said on Friday.
The state-run hydroelectric power company will pay an annual coupon of 6.86% and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
NHPC did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on May 2:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NHPC | 15 years | 6.86 | 19.45 | May 2 | AAA (Crisil, India Ratings) |
IREDA | 5 years and 1 month | 7.00 | 15 | May 2 | AAA (Icra, India Ratings) |
HUDCO | 5 years | 6.90 | 21.90 | May 2 | AAA (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.9850 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
MUMBAI, May 2 (Reuters) - India's NHPC NHPC.NS has accepted bids worth 19.45 billion rupees ($231.6 million) for separately transferable redeemable principal part (STRPP) bonds with six-to-15-year maturities, three merchant bankers said on Friday.
The state-run hydroelectric power company will pay an annual coupon of 6.86% and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
NHPC did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on May 2:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NHPC | 15 years | 6.86 | 19.45 | May 2 | AAA (Crisil, India Ratings) |
IREDA | 5 years and 1 month | 7.00 | 15 | May 2 | AAA (Icra, India Ratings) |
HUDCO | 5 years | 6.90 | 21.90 | May 2 | AAA (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.9850 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
$1.5 billion bond rush on the cards as Indian firms step up debt raises post RBI liquidity boost
By Dharamraj Dhutia
MUMBAI, April 30 (Reuters) - Indian companies, led by state-run firms, have accelerated their plans to raise debt from the markets as the central bank's fresh bond purchase scheme surprised markets and pushed borrowing costs lower.
Four Indian state-run firms - Power Finance Corp PWFC.NS, NHPC, IREDA and HUDCO - are set to raise an aggregate of 125 billion rupees ($1.5 billion) and have invited bids on Wednesday and Friday.
They did not immediately reply to a Reuters email seeking comment.
State-run firms have already raised around 393 billion rupees via bonds earlier this month.
"The recent rush of issuances by state-run firms looks like a well-timed move to benefit from softening yields after the Reserve Bank of India's bond buying announcement," Suresh Darak, founder of Bondbazaar, an online bond trading platform.
On Monday evening, the RBI announced it plans to buy bonds worth 1.25 trillion rupees through open market purchases, after picking up bonds worth 1.20 trillion rupees in April.
AAA-rated corporate bond yields across the curve have eased by around 5-10 basis points since then, and spreads with government bond yields have shrunk further.
"By front-loading borrowings, these companies are locking in lower funding costs; (it) reflects smart liability management," Darak said.
Including these issuances, state-run firms have raised around 518 billion rupees - more than five times the roughly 100 billion rupees that such companies raised in April 2024.
It also constitutes more than 50% of the total funds raised by companies in the first five weeks of the current fiscal 2026.
"Issuers want to take advantage of the fall in yields, and that is a primary driver that they are rushing to issue debt," said Umesh Khandelwal, chief business officer at Tipsons Group.
For context, all debt fundraises in the first five weeks of fiscal 2025 came up to 450 billion rupees.
Apart from these firms, non-banking finance companies have also been major issuers, including Shriram Finance and Bajaj Finance.
Among the borrowers hitting the market this week, PFC is raising 35 billion rupees through zero-coupon deep-discount bonds with a maturity of 10 years and one month. Traders are anticipating aggressive demand for this issue.
($1 = 85.1140 Indian rupees)
Fundraising from 11 Indian state-run firms comprises of 50% of bond sales https://reut.rs/4jHnlTN
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, April 30 (Reuters) - Indian companies, led by state-run firms, have accelerated their plans to raise debt from the markets as the central bank's fresh bond purchase scheme surprised markets and pushed borrowing costs lower.
Four Indian state-run firms - Power Finance Corp PWFC.NS, NHPC, IREDA and HUDCO - are set to raise an aggregate of 125 billion rupees ($1.5 billion) and have invited bids on Wednesday and Friday.
They did not immediately reply to a Reuters email seeking comment.
State-run firms have already raised around 393 billion rupees via bonds earlier this month.
"The recent rush of issuances by state-run firms looks like a well-timed move to benefit from softening yields after the Reserve Bank of India's bond buying announcement," Suresh Darak, founder of Bondbazaar, an online bond trading platform.
On Monday evening, the RBI announced it plans to buy bonds worth 1.25 trillion rupees through open market purchases, after picking up bonds worth 1.20 trillion rupees in April.
AAA-rated corporate bond yields across the curve have eased by around 5-10 basis points since then, and spreads with government bond yields have shrunk further.
"By front-loading borrowings, these companies are locking in lower funding costs; (it) reflects smart liability management," Darak said.
Including these issuances, state-run firms have raised around 518 billion rupees - more than five times the roughly 100 billion rupees that such companies raised in April 2024.
It also constitutes more than 50% of the total funds raised by companies in the first five weeks of the current fiscal 2026.
"Issuers want to take advantage of the fall in yields, and that is a primary driver that they are rushing to issue debt," said Umesh Khandelwal, chief business officer at Tipsons Group.
For context, all debt fundraises in the first five weeks of fiscal 2025 came up to 450 billion rupees.
Apart from these firms, non-banking finance companies have also been major issuers, including Shriram Finance and Bajaj Finance.
Among the borrowers hitting the market this week, PFC is raising 35 billion rupees through zero-coupon deep-discount bonds with a maturity of 10 years and one month. Traders are anticipating aggressive demand for this issue.
($1 = 85.1140 Indian rupees)
Fundraising from 11 Indian state-run firms comprises of 50% of bond sales https://reut.rs/4jHnlTN
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
NHPC To Consider Raising Of Funds Up To 20 Bln Rupees Via Bonds
April 17 (Reuters) - NHPC Ltd NHPC.NS:
TO CONSIDER RAISING OF FUNDS UP TO 20 BILLION RUPEES VIA BONDS
Source text: ID:nBSEPCHL2
Further company coverage: NHPC.NS
(([email protected];;))
April 17 (Reuters) - NHPC Ltd NHPC.NS:
TO CONSIDER RAISING OF FUNDS UP TO 20 BILLION RUPEES VIA BONDS
Source text: ID:nBSEPCHL2
Further company coverage: NHPC.NS
(([email protected];;))
NHPC Declares Commercial Operation Of Unit 4 Of Parbati-II HE Project
April 15 (Reuters) - NHPC Ltd NHPC.NS:
DECLARES COMMERCIAL OPERATION OF UNIT 4 OF PARBATI-II HE PROJECT
Source text: ID:nBSE2Kgjp5
Further company coverage: NHPC.NS
(([email protected];;))
April 15 (Reuters) - NHPC Ltd NHPC.NS:
DECLARES COMMERCIAL OPERATION OF UNIT 4 OF PARBATI-II HE PROJECT
Source text: ID:nBSE2Kgjp5
Further company coverage: NHPC.NS
(([email protected];;))
Nhpc Ltd - Investment In Kuppa Project To Commence In FY 2025-26
NHPC Ltd NHPC.NS:
NHPC LTD - INVESTMENT IN KUPPA PROJECT TO COMMENCE IN FY 2025-26
NHPC LTD - SURVEY AND INVESTIGATION WORKS OF KUPPA PROJECT HALTED
Source text: ID:nBSE83MqrC
Further company coverage: NHPC.NS
NHPC Ltd NHPC.NS:
NHPC LTD - INVESTMENT IN KUPPA PROJECT TO COMMENCE IN FY 2025-26
NHPC LTD - SURVEY AND INVESTIGATION WORKS OF KUPPA PROJECT HALTED
Source text: ID:nBSE83MqrC
Further company coverage: NHPC.NS
NHPC Declares COD Of Units 1, 2 & 3 Of Parbati-II Project
March 31 (Reuters) - NHPC Ltd NHPC.NS:
DECLARES COD OF UNITS 1, 2 & 3 OF PARBATI-II PROJECT
Source text: ID:nBSE310LLL
Further company coverage: NHPC.NS
(([email protected];;))
March 31 (Reuters) - NHPC Ltd NHPC.NS:
DECLARES COD OF UNITS 1, 2 & 3 OF PARBATI-II PROJECT
Source text: ID:nBSE310LLL
Further company coverage: NHPC.NS
(([email protected];;))
India's NHPC gains as complex hydro project nears commission; CLSA sees 41% upside
** Shares of India's NHPC NHPC.NS rise as much as 7% to 86.94 rupees, highest since December 12; last up 2.1%
** CLSA keeps "high conviction outperform" rating on co, sets 12-month price target of 117 rupees, 41% upside from current price
** Brokerage says Parbati 2 hydro-electric project in Himachal Pradesh state will commission by first week of April, should add 11.5% to co's capacity
** CLSA sees Parbati 2 project driving FY26 earnings per share by 21%, rekindling EPS growth absent this decade
** Parbati 2 has been under construction since 2003
** NHPC up 2% YTD
(Reporting by Sethuraman NR in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
** Shares of India's NHPC NHPC.NS rise as much as 7% to 86.94 rupees, highest since December 12; last up 2.1%
** CLSA keeps "high conviction outperform" rating on co, sets 12-month price target of 117 rupees, 41% upside from current price
** Brokerage says Parbati 2 hydro-electric project in Himachal Pradesh state will commission by first week of April, should add 11.5% to co's capacity
** CLSA sees Parbati 2 project driving FY26 earnings per share by 21%, rekindling EPS growth absent this decade
** Parbati 2 has been under construction since 2003
** NHPC up 2% YTD
(Reporting by Sethuraman NR in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
NHPC Approves Borrowing Plan To Raise Up To 63 Billion Rupees
March 19 (Reuters) - NHPC Ltd NHPC.NS:
NHPC LTD - APPROVES BORROWING PLAN TO RAISE UP TO 63 BILLION RUPEES
NHPC - APPROVED BORROWING PLAN FOR FY 2025-26
Source text: ID:nBSE1TTmHb
Further company coverage: NHPC.NS
(([email protected];))
March 19 (Reuters) - NHPC Ltd NHPC.NS:
NHPC LTD - APPROVES BORROWING PLAN TO RAISE UP TO 63 BILLION RUPEES
NHPC - APPROVED BORROWING PLAN FOR FY 2025-26
Source text: ID:nBSE1TTmHb
Further company coverage: NHPC.NS
(([email protected];))
NHPC To Consider And Approve Borrowing Plan For Raising Of Debt For FY 2025-26
March 12 (Reuters) - NHPC Ltd NHPC.NS:
NHPC - TO CONSIDER AND APPROVE BORROWING PLAN FOR RAISING OF DEBT FOR FY 2025-26
Source text: ID:nBSE2Kdlvp
Further company coverage: NHPC.NS
(([email protected];;))
March 12 (Reuters) - NHPC Ltd NHPC.NS:
NHPC - TO CONSIDER AND APPROVE BORROWING PLAN FOR RAISING OF DEBT FOR FY 2025-26
Source text: ID:nBSE2Kdlvp
Further company coverage: NHPC.NS
(([email protected];;))
NHPC Says Proposal To Buy Or Not Co-Promoters' Stake In PTC India In Initial Stage Of Study
Feb 21 (Reuters) - NHPC Ltd NHPC.NS:
NHPC-PROPOSAL TO BUY OR NOT CO-PROMOTERS STAKE IN PTC INDIA IS IN VERY INITIAL STAGE OF STUDY
Further company coverage: NHPC.NS
(([email protected];))
Feb 21 (Reuters) - NHPC Ltd NHPC.NS:
NHPC-PROPOSAL TO BUY OR NOT CO-PROMOTERS STAKE IN PTC INDIA IS IN VERY INITIAL STAGE OF STUDY
Further company coverage: NHPC.NS
(([email protected];))
NHPC Dec-Quarter Consol Net Profit 2.31 Bln Rupees
Feb 7 (Reuters) - NHPC Ltd NHPC.NS:
DEC-QUARTER CONSOL NET PROFIT 2.31 BILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 22.87 BILLION RUPEES
DIVIDEND OF 1.4 RUPEES PER SHARE
Source text: ID:nBSE94HzS7
Further company coverage: NHPC.NS
(([email protected];;))
Feb 7 (Reuters) - NHPC Ltd NHPC.NS:
DEC-QUARTER CONSOL NET PROFIT 2.31 BILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 22.87 BILLION RUPEES
DIVIDEND OF 1.4 RUPEES PER SHARE
Source text: ID:nBSE94HzS7
Further company coverage: NHPC.NS
(([email protected];;))
ACME Solar Holdings Signs PPA With NHPC For 680 MW FDRE Project
Jan 28 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:
SIGNS PPA WITH NHPC FOR 680 MW FDRE PROJECT
Source text: ID:nBSEbGrT1Q
Further company coverage: ACMO.NS
(([email protected];;))
Jan 28 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:
SIGNS PPA WITH NHPC FOR 680 MW FDRE PROJECT
Source text: ID:nBSEbGrT1Q
Further company coverage: ACMO.NS
(([email protected];;))
NHPC Says JV Co APGENCO NHPC Green Energy Incorporated
Jan 23 (Reuters) - NHPC Ltd NHPC.NS:
JV CO APGENCO NHPC GREEN ENERGY INCORPORATED
JV INCORPORATED WITH 50:50 EQUITY PARTICIPATION BETWEEN CO, ANDHRA PRADESH POWER GENERATION CORP
Source text: ID:nBSEfJbBR
Further company coverage: NHPC.NS
(([email protected];;))
Jan 23 (Reuters) - NHPC Ltd NHPC.NS:
JV CO APGENCO NHPC GREEN ENERGY INCORPORATED
JV INCORPORATED WITH 50:50 EQUITY PARTICIPATION BETWEEN CO, ANDHRA PRADESH POWER GENERATION CORP
Source text: ID:nBSEfJbBR
Further company coverage: NHPC.NS
(([email protected];;))
India New Issue-NHPC to issue 10-year bonds, bankers say
MUMBAI, Jan 21 (Reuters) - India's NHPC NHPC.NS plans to raise 26 billion rupees ($300.3 million), including a greenshoe option of 21 billion rupees, through sale of bonds maturing in 10 years, three merchant bankers said on Tuesday.
The state-run hydroelectric power generation has invited coupon and commitment bids for the issue on Thursday, they said.
NHPC did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Jan. 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NHPC | 10 years | To be decided | 5+21 | Jan. 23 | AAA (India Ratings, Care) |
NHB | 6 years, 5 months and 7 days | To be decided | 10+30 | Jan. 23 | AAA (India Ratings, Care) |
EXIM Bank | 3 years and 6 months | To be decided | 5+20 | Jan. 23 | AAA (Crisil, Icra) |
Larsen & Toubro | 10 years | 7.20 | 40 | Jan. 21 | AAA (Crisil, India Ratings) |
Cholamandalam Investment | 10 years | To be decided | 5+5 | Jan. 22 | AA+ (Icra) |
Tata Capital Sept 2034 reissue | 9 year and 8 months | To be decided | 3+7 | Jan. 22 | AAA (Crisil, Icra) |
Piramal Capital and Housing | 13 months | To be decided | 4.25+2.25 | Jan. 22 | AA (Icra) |
Piramal Capital and Housing | 2 years | To be decided | 4.25+2.25 | Jan. 22 | AA (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.5830 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, Jan 21 (Reuters) - India's NHPC NHPC.NS plans to raise 26 billion rupees ($300.3 million), including a greenshoe option of 21 billion rupees, through sale of bonds maturing in 10 years, three merchant bankers said on Tuesday.
The state-run hydroelectric power generation has invited coupon and commitment bids for the issue on Thursday, they said.
NHPC did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Jan. 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NHPC | 10 years | To be decided | 5+21 | Jan. 23 | AAA (India Ratings, Care) |
NHB | 6 years, 5 months and 7 days | To be decided | 10+30 | Jan. 23 | AAA (India Ratings, Care) |
EXIM Bank | 3 years and 6 months | To be decided | 5+20 | Jan. 23 | AAA (Crisil, Icra) |
Larsen & Toubro | 10 years | 7.20 | 40 | Jan. 21 | AAA (Crisil, India Ratings) |
Cholamandalam Investment | 10 years | To be decided | 5+5 | Jan. 22 | AA+ (Icra) |
Tata Capital Sept 2034 reissue | 9 year and 8 months | To be decided | 3+7 | Jan. 22 | AAA (Crisil, Icra) |
Piramal Capital and Housing | 13 months | To be decided | 4.25+2.25 | Jan. 22 | AA (Icra) |
Piramal Capital and Housing | 2 years | To be decided | 4.25+2.25 | Jan. 22 | AA (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.5830 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
NHPC Says Ministry Of Corporate Affairs Sanctions Scheme Of Amalgamation Between Lanco Teesta And NHPC
Jan 3 (Reuters) - NHPC Ltd NHPC.NS:
MINISTRY OF CORPORATE AFFAIRS SANCTIONS SCHEME OF AMALGAMATION BETWEEN LANCO TEESTA AND NHPC
Source text: ID:nBSE5BYCtV
Further company coverage: NHPC.NS
(([email protected];;))
Jan 3 (Reuters) - NHPC Ltd NHPC.NS:
MINISTRY OF CORPORATE AFFAIRS SANCTIONS SCHEME OF AMALGAMATION BETWEEN LANCO TEESTA AND NHPC
Source text: ID:nBSE5BYCtV
Further company coverage: NHPC.NS
(([email protected];;))
NHPC Gets 2.50 Bln Rupees Payment Under Mega Insurance Policy
Jan 2 (Reuters) - NHPC Ltd NHPC.NS:
NHPC LTD - GETS 2.50 BILLION RUPEES PAYMENT UNDER MEGA INSURANCE POLICY
NHPC - UPDATE ON TEESTA-V (510 MW) POWER STATION OF NHPC
Source text: ID:nBSE2tRYDK
Further company coverage: NHPC.NS
(([email protected];))
Jan 2 (Reuters) - NHPC Ltd NHPC.NS:
NHPC LTD - GETS 2.50 BILLION RUPEES PAYMENT UNDER MEGA INSURANCE POLICY
NHPC - UPDATE ON TEESTA-V (510 MW) POWER STATION OF NHPC
Source text: ID:nBSE2tRYDK
Further company coverage: NHPC.NS
(([email protected];))
NHPC Says Loss Revised To 10.76 Billion Rupees For Teesta-V Flash Flood
Dec 26 (Reuters) - NHPC Ltd NHPC.NS:
NHPC LTD - SUBANSIRI LOWER HE PROJECT TO COMPLETE 3 UNITS BY MAY 2025
NHPC - SUBANSIRI LOWER HE PROJECT TO COMPLETE 5 UNITS OF 250 MW EACH BY MAY, 2026
NHPC LTD - LOSS REVISED TO 10.76 BILLION RUPEES FOR TEESTA-V FLASH FLOOD
NHPC LTD - 1.50 BILLION RUPEES RECEIVED FOR MATERIAL DAMAGE LOSS AT TEESTA-V
Source text: ID:nBSEb3qJmg
Further company coverage: NHPC.NS
(([email protected];))
Dec 26 (Reuters) - NHPC Ltd NHPC.NS:
NHPC LTD - SUBANSIRI LOWER HE PROJECT TO COMPLETE 3 UNITS BY MAY 2025
NHPC - SUBANSIRI LOWER HE PROJECT TO COMPLETE 5 UNITS OF 250 MW EACH BY MAY, 2026
NHPC LTD - LOSS REVISED TO 10.76 BILLION RUPEES FOR TEESTA-V FLASH FLOOD
NHPC LTD - 1.50 BILLION RUPEES RECEIVED FOR MATERIAL DAMAGE LOSS AT TEESTA-V
Source text: ID:nBSEb3qJmg
Further company coverage: NHPC.NS
(([email protected];))
NHPC To Consider Approval Of Revised Borrowing Plan For Raising Of Debt During FY 2024-25
Dec 9 (Reuters) - NHPC Ltd NHPC.NS:
NHPC - TO CONSIDER APPROVAL OF REVISED BORROWING PLAN FOR RAISING OF DEBT DURING FY 2024-25
NHPC-TO CONSIDER PERUSAL OF GENERAL INFO DOCUMENT, KEY INFO DOCUMENT FOR RAISING OF FUNDS
NHPC-DOCS FOR CONSIDERING RAISING OF FUNDS VIA BONDS UP TO 26 BLN RUPEES FOR FY24-25
Source text: ID:nnAPN2FNR5A
Further company coverage: NHPC.NS
(([email protected];))
Dec 9 (Reuters) - NHPC Ltd NHPC.NS:
NHPC - TO CONSIDER APPROVAL OF REVISED BORROWING PLAN FOR RAISING OF DEBT DURING FY 2024-25
NHPC-TO CONSIDER PERUSAL OF GENERAL INFO DOCUMENT, KEY INFO DOCUMENT FOR RAISING OF FUNDS
NHPC-DOCS FOR CONSIDERING RAISING OF FUNDS VIA BONDS UP TO 26 BLN RUPEES FOR FY24-25
Source text: ID:nnAPN2FNR5A
Further company coverage: NHPC.NS
(([email protected];))
NHPC Says All 4 Units Of Parbati-II Project Anticipated To Be Commissioned By March 2025
Nov 13 (Reuters) - NHPC Ltd NHPC.NS:
ALL 4 UNITS OF PARBATI-II PROJECT ANTICIPATED TO BE COMMISSIONED BY MARCH 2025
Further company coverage: NHPC.NS
(([email protected];))
Nov 13 (Reuters) - NHPC Ltd NHPC.NS:
ALL 4 UNITS OF PARBATI-II PROJECT ANTICIPATED TO BE COMMISSIONED BY MARCH 2025
Further company coverage: NHPC.NS
(([email protected];))
India's NHPC falls as higher costs, tax bill hits Q2 profit
** NHPC shares NHPC.NS fall 2.7% to 82.28 rupees
** Hydropower company's Q2 consol profit slid 41.2% as rise in expenses outpaced revenue growth
** Co also recorded a tax charge of 6.05 bln rupees (~1/5th of total rev) vs a tax gain of 749.5 mln rupees in yr-ago period
** Avg rating of 8 analysts is "hold", median PT 101.50 rupees - LSEG data
** Session's losses trim stock's YTD gains to ~27%
(Reporting by Vijay Malkar)
(([email protected];))
** NHPC shares NHPC.NS fall 2.7% to 82.28 rupees
** Hydropower company's Q2 consol profit slid 41.2% as rise in expenses outpaced revenue growth
** Co also recorded a tax charge of 6.05 bln rupees (~1/5th of total rev) vs a tax gain of 749.5 mln rupees in yr-ago period
** Avg rating of 8 analysts is "hold", median PT 101.50 rupees - LSEG data
** Session's losses trim stock's YTD gains to ~27%
(Reporting by Vijay Malkar)
(([email protected];))
NHPC Sept-Quarter Consol Net Profit 9.09 Bln Rupees
Nov 7 (Reuters) - NHPC Ltd NHPC.NS:
SEPT-QUARTER CONSOL NET PROFIT 9.09 BILLION RUPEES
SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 30.52 BILLION RUPEES
Source text: [ID:]
Further company coverage: NHPC.NS
(([email protected];;))
Nov 7 (Reuters) - NHPC Ltd NHPC.NS:
SEPT-QUARTER CONSOL NET PROFIT 9.09 BILLION RUPEES
SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 30.52 BILLION RUPEES
Source text: [ID:]
Further company coverage: NHPC.NS
(([email protected];;))
India's NHPC gains after commissioning solar power plant
** Shares of state-run power firm NHPC NHPC.NS advances 2.4% to 82.58 rupees
** Co's unit commissions solar power plant for its Madhya Pradesh project; likely annual revenue from the project is 658.7 mln rupees ($7.8 mln)
** Analysts' avg rating on stock is "buy", peer SJVN SJVN.NS is rated "hold" - LSEG data
** Median PT on NHPC is 101.5 rupees, 26% premium to last close
** NHPC up ~28% YTD vs 25% rise in SJVN
($1 = 84.0760 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of state-run power firm NHPC NHPC.NS advances 2.4% to 82.58 rupees
** Co's unit commissions solar power plant for its Madhya Pradesh project; likely annual revenue from the project is 658.7 mln rupees ($7.8 mln)
** Analysts' avg rating on stock is "buy", peer SJVN SJVN.NS is rated "hold" - LSEG data
** Median PT on NHPC is 101.5 rupees, 26% premium to last close
** NHPC up ~28% YTD vs 25% rise in SJVN
($1 = 84.0760 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
NHPC Signed MoU With Government Of Rajasthan
Sept 30 (Reuters) - NHPC Ltd NHPC.NS:
SIGNED A MOU WITH GOVERNMENT. OF RAJASTHAN
SIGNED A MOU WITH GOVERNMENT. OF RAJASTHAN WITH PROPOSED ESTIMATED INVESTMENT OF 500 BILLION RUPEES
Source text for Eikon: ID:nBSEDV5q8
Further company coverage: NHPC.NS
(([email protected];;))
Sept 30 (Reuters) - NHPC Ltd NHPC.NS:
SIGNED A MOU WITH GOVERNMENT. OF RAJASTHAN
SIGNED A MOU WITH GOVERNMENT. OF RAJASTHAN WITH PROPOSED ESTIMATED INVESTMENT OF 500 BILLION RUPEES
Source text for Eikon: ID:nBSEDV5q8
Further company coverage: NHPC.NS
(([email protected];;))
NHPC Signs JV Agreement With Andhra Pradesh Power Generation Corporation
Sept 27 (Reuters) - NHPC Ltd NHPC.NS:
SIGNED A JOINT VENTURE AGREEMENT WITH ANDHRA PRADESH POWER GENERATION CORPORATION
CO TO BE INCORPORATED WITH CAPITAL TO BE SUBSCRIBED IN 50:50 RATIO BY CO, APGENCO
Source text for Eikon: ID:nBSE1VCy02
Further company coverage: NHPC.NS
(([email protected];;))
Sept 27 (Reuters) - NHPC Ltd NHPC.NS:
SIGNED A JOINT VENTURE AGREEMENT WITH ANDHRA PRADESH POWER GENERATION CORPORATION
CO TO BE INCORPORATED WITH CAPITAL TO BE SUBSCRIBED IN 50:50 RATIO BY CO, APGENCO
Source text for Eikon: ID:nBSE1VCy02
Further company coverage: NHPC.NS
(([email protected];;))
Indian state-run firms set to issue long term bonds to meet investor demand
By Dharamraj Dhutia
MUMBAI, Aug 22 (Reuters) - Indian state-run companies are poised to raise about 50 billion rupees ($595.61 million) through long-term securities over the next two weeks, as falling government bond yields and reduced state debt supply leave investors starved for opportunities.
At least four state-run firms—THDC India THDC.BO, NHPC NHPC.NS, India Infrastructure Finance IIFCL.UL, and Indian Renewable Energy Development Agency INAR.NS — which have not been frequent issuers, are set to tap the market with bond offerings ranging from 10 to 15 years, according to three merchant bankers.
None of the companies replied to Reuters emails seeking comments. The merchant bankers did not want to be named because they are not authorized to talk to media.
"Since government bond yields have eased and even long-tenor yields are below 7%, insurance companies that have been seeing regular inflows are keen to add longer duration highly rated papers in their portfolios," said Aneesh Srivastava, executive director and chief investment officer at Star Health Insurance.
India's 10-year bond yields have stayed around 6.85%, while 15-year bond yield is at 6.90%. The 30-year and 40-year bond yields are around 6.97%-7.00%.
Companies have funding needs, and rather than waiting for the second half, they are capitalizing on strong investor appetite and improving liquidity conditions, said one of the bankers involved in the deals.
Government bond yields have eased on bets that interest rate cycle is set to turn initially in U.S. followed by India.
The Federal Reserve is expected to cut rates in September, while many traders eye rate cut from Reserve Bank of India in December.
"In a falling interest rate regime, investors will have to look out for window of opportunities to earn additional returns wherever possible," Star Health's Srivastava added.
Currently, the corporate bond yield curve is slightly inverted, with long duration bond yields marginally lower than short-end.
Sandeep Yadav, head of fixed income at DSP Mutual Fund, expects the corporate bond yield curve to remain flat, adding that even if the yield curve steepens, longer maturities will offer greater profit for the same yield movement compared to shorter maturities due to their higher duration.
($1 = 83.9475 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 22 (Reuters) - Indian state-run companies are poised to raise about 50 billion rupees ($595.61 million) through long-term securities over the next two weeks, as falling government bond yields and reduced state debt supply leave investors starved for opportunities.
At least four state-run firms—THDC India THDC.BO, NHPC NHPC.NS, India Infrastructure Finance IIFCL.UL, and Indian Renewable Energy Development Agency INAR.NS — which have not been frequent issuers, are set to tap the market with bond offerings ranging from 10 to 15 years, according to three merchant bankers.
None of the companies replied to Reuters emails seeking comments. The merchant bankers did not want to be named because they are not authorized to talk to media.
"Since government bond yields have eased and even long-tenor yields are below 7%, insurance companies that have been seeing regular inflows are keen to add longer duration highly rated papers in their portfolios," said Aneesh Srivastava, executive director and chief investment officer at Star Health Insurance.
India's 10-year bond yields have stayed around 6.85%, while 15-year bond yield is at 6.90%. The 30-year and 40-year bond yields are around 6.97%-7.00%.
Companies have funding needs, and rather than waiting for the second half, they are capitalizing on strong investor appetite and improving liquidity conditions, said one of the bankers involved in the deals.
Government bond yields have eased on bets that interest rate cycle is set to turn initially in U.S. followed by India.
The Federal Reserve is expected to cut rates in September, while many traders eye rate cut from Reserve Bank of India in December.
"In a falling interest rate regime, investors will have to look out for window of opportunities to earn additional returns wherever possible," Star Health's Srivastava added.
Currently, the corporate bond yield curve is slightly inverted, with long duration bond yields marginally lower than short-end.
Sandeep Yadav, head of fixed income at DSP Mutual Fund, expects the corporate bond yield curve to remain flat, adding that even if the yield curve steepens, longer maturities will offer greater profit for the same yield movement compared to shorter maturities due to their higher duration.
($1 = 83.9475 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
NHPC June-Quarter Consol Net Profit 10.29 Billion Rupees
Aug 7 (Reuters) - NHPC Ltd NHPC.NS:
NHPC JUNE-QUARTER CONSOL NET PROFIT 10.29 BILLION RUPEES
NHPC JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 26.94 BILLION RUPEES
Source text for Eikon: ID:nBSE3lFKMQ
Further company coverage: NHPC.NS
(([email protected];))
Aug 7 (Reuters) - NHPC Ltd NHPC.NS:
NHPC JUNE-QUARTER CONSOL NET PROFIT 10.29 BILLION RUPEES
NHPC JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 26.94 BILLION RUPEES
Source text for Eikon: ID:nBSE3lFKMQ
Further company coverage: NHPC.NS
(([email protected];))
Tata Power Renewable Energy And NHPC Renewable Energy Ink MoU
July 18 (Reuters) - NHPC Ltd NHPC.NS:
TATA POWER RENEWABLE ENERGY AND NHPC RENEWABLE ENERGY INK MOU
Source text for Eikon: ID:nNSE83GhqD
Further company coverage: NHPC.NS
(([email protected];))
July 18 (Reuters) - NHPC Ltd NHPC.NS:
TATA POWER RENEWABLE ENERGY AND NHPC RENEWABLE ENERGY INK MOU
Source text for Eikon: ID:nNSE83GhqD
Further company coverage: NHPC.NS
(([email protected];))
EXCLUSIVE-India races to build power plants in region claimed by China, sources say
By Sarita Chaganti Singh
NEW DELHI, July 9 (Reuters) - India plans to spend $1 billion to expedite the construction of 12 hydropower stations in the northeastern Himalayan state of Arunachal Pradesh, two government sources said, a move that could raise tensions with China that lays claims to the region.
The federal finance ministry under Nirmala Sitharaman recently approved up to 7.5 billion rupees ($89.85 million) in financial assistance to each hydropower project in the northeastern region, the sources said.
Under the scheme, about 90 billion rupees will likely be allotted for the 12 hydropower projects in Arunachal Pradesh, said the sources, who have direct knowledge of the matter.
The scheme is likely to support northeastern states and help them finance equity holdings in the projects they host. Having state governments on board generally helps in expediting regulatory clearances, locals rehabilitation and negotiations on sharing electricity with the host state.
The plans for the hydropower stations are expected to be announced in the 2024/2025 federal budget that Prime Minister Narendra Modi's government will unveil on July 23, the sources said, declining to be named as the information remained confidential.
The Indian finance and power ministries and China's foreign ministry did not immediately respond to Reuters' requests for comment.
Last August, the government awarded contracts to state-run firms NHPC NHPC.NS, SJVNL SJVN.NS and NEEPCO for the construction of the 11.5-gigawatt-capacity plants entailing an estimated investment of $11 billion, as part of a broader project to develop infrastructure in the border region.
None of the companies responded to a request for comments.
These power plants were earlier enlisted with private sector firms, but remained non-starters due to various reasons.
India has built less than 15-gigawatt hydropower plants in the last 20 years, while installations of new coal and other renewable sources of energy were nearly 10 times of the new hydropower projects.
India and China share a 2,500 km (1553.43 mile) largely un-demarcated border, over which they fought a war in 1962.
India says Arunachal Pradesh is an integral part of the country, but China claims it is a part of southern Tibet, and has objected to other Indian infrastructure projects there.
The Indian government is pushing projects in the eastern region following reports that Beijing could construct dams on a section of the Brahmaputra river, known as the Yarlung Tsangbo in China, that flows from Tibet through Arunachal Pradesh.
India is concerned that Chinese projects in the region could trigger flash floods or create water scarcity.
Both countries are working to improve infrastructure along their border regions since clashes in western Himalayas left 20 Indian and at least four Chinese troops dead in 2020.
Last week, India Foreign Minister Subrahmanyam Jaishankar met his Chinese counterpart Wang Yi in Kazakhstan where the two agreed to step up talks to resolve issues along their border.
($1 = 83.4710 Indian rupees)
India's sluggish hydropower capacity growth in 19 years https://reut.rs/4cou6Gt
India's Arunachal Pradesh holds maximum hydropower potential https://reut.rs/4csx24S
(Additional reporting by Krishn Kaushik in New Delhi; Editing by Miral Fahmy and Sherry Jacob-Phillips)
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By Sarita Chaganti Singh
NEW DELHI, July 9 (Reuters) - India plans to spend $1 billion to expedite the construction of 12 hydropower stations in the northeastern Himalayan state of Arunachal Pradesh, two government sources said, a move that could raise tensions with China that lays claims to the region.
The federal finance ministry under Nirmala Sitharaman recently approved up to 7.5 billion rupees ($89.85 million) in financial assistance to each hydropower project in the northeastern region, the sources said.
Under the scheme, about 90 billion rupees will likely be allotted for the 12 hydropower projects in Arunachal Pradesh, said the sources, who have direct knowledge of the matter.
The scheme is likely to support northeastern states and help them finance equity holdings in the projects they host. Having state governments on board generally helps in expediting regulatory clearances, locals rehabilitation and negotiations on sharing electricity with the host state.
The plans for the hydropower stations are expected to be announced in the 2024/2025 federal budget that Prime Minister Narendra Modi's government will unveil on July 23, the sources said, declining to be named as the information remained confidential.
The Indian finance and power ministries and China's foreign ministry did not immediately respond to Reuters' requests for comment.
Last August, the government awarded contracts to state-run firms NHPC NHPC.NS, SJVNL SJVN.NS and NEEPCO for the construction of the 11.5-gigawatt-capacity plants entailing an estimated investment of $11 billion, as part of a broader project to develop infrastructure in the border region.
None of the companies responded to a request for comments.
These power plants were earlier enlisted with private sector firms, but remained non-starters due to various reasons.
India has built less than 15-gigawatt hydropower plants in the last 20 years, while installations of new coal and other renewable sources of energy were nearly 10 times of the new hydropower projects.
India and China share a 2,500 km (1553.43 mile) largely un-demarcated border, over which they fought a war in 1962.
India says Arunachal Pradesh is an integral part of the country, but China claims it is a part of southern Tibet, and has objected to other Indian infrastructure projects there.
The Indian government is pushing projects in the eastern region following reports that Beijing could construct dams on a section of the Brahmaputra river, known as the Yarlung Tsangbo in China, that flows from Tibet through Arunachal Pradesh.
India is concerned that Chinese projects in the region could trigger flash floods or create water scarcity.
Both countries are working to improve infrastructure along their border regions since clashes in western Himalayas left 20 Indian and at least four Chinese troops dead in 2020.
Last week, India Foreign Minister Subrahmanyam Jaishankar met his Chinese counterpart Wang Yi in Kazakhstan where the two agreed to step up talks to resolve issues along their border.
($1 = 83.4710 Indian rupees)
India's sluggish hydropower capacity growth in 19 years https://reut.rs/4cou6Gt
India's Arunachal Pradesh holds maximum hydropower potential https://reut.rs/4csx24S
(Additional reporting by Krishn Kaushik in New Delhi; Editing by Miral Fahmy and Sherry Jacob-Phillips)
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What does NHPC do?
NHPC Limited is a leading organization in India focused on constructing and operating hydroelectric power projects. They are also expanding into solar and wind power sectors.
Who are the competitors of NHPC?
NHPC major competitors are JSW Energy, Torrent Power, Tata Power, SJVN, Neyveli Lignite, Reliance Power, Indian Energy Exch. Market Cap of NHPC is ₹88,005 Crs. While the median market cap of its peers are ₹39,695 Crs.
Is NHPC financially stable compared to its competitors?
NHPC seems to be less financially stable compared to its competitors. Altman Z score of NHPC is 1.49 and is ranked 5 out of its 8 competitors.
Does NHPC pay decent dividends?
The company seems to pay a good stable dividend. NHPC latest dividend payout ratio is 52.66% and 3yr average dividend payout ratio is 50.62%
How has NHPC allocated its funds?
Companies resources are allocated to majorly unproductive assets like Capital Work in Progress
How strong is NHPC balance sheet?
NHPC balance sheet is weak and might have solvency issues
Is the profitablity of NHPC improving?
No, profit is decreasing. The profit of NHPC is ₹3,113 Crs for TTM, ₹3,624 Crs for Mar 2024 and ₹3,903 Crs for Mar 2023.
Is the debt of NHPC increasing or decreasing?
Yes, The net debt of NHPC is increasing. Latest net debt of NHPC is ₹36,683 Crs as of Mar-25. This is greater than Mar-24 when it was ₹25,248 Crs.
Is NHPC stock expensive?
Yes, NHPC is expensive. Latest PE of NHPC is 32.0, while 3 year average PE is 15.35. Also latest EV/EBITDA of NHPC is 22.9 while 3yr average is 14.59.
Has the share price of NHPC grown faster than its competition?
NHPC has given lower returns compared to its competitors. NHPC has grown at ~18.28% over the last 7yrs while peers have grown at a median rate of 20.79%
Is the promoter bullish about NHPC?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in NHPC is 67.4% and last quarter promoter holding is 67.4%.
Are mutual funds buying/selling NHPC?
The mutual fund holding of NHPC is increasing. The current mutual fund holding in NHPC is 4.53% while previous quarter holding is 4.38%.