A DISSERTION REPORT

ON
“POWER SECTOR AS AN INVESTOR AVENUE”

SUBMITTED BY

MANDAR ANIL GADRE

SUBMITTED TO

SAVITRIBAI PHULE PUNE UNIVERSITY

In the partial fulfilment of the requirements for the award of the degree of
MASTER’S IN BUSINESS ADMINISTRATION (MBA)

Through

Progressive Education Society’s

MODERN COLLEGE OF ENGINEERING

MBA DEPARTMENT
1186A, Shivajinagar, Pune 411 005

2018-2020
 A DISSERTION REPORT
ON
“POWER SECTOR AS AN INVESTOR AVENUE”

SUBMITTED BY

MANDAR ANIL GADRE

SUBMITTED TO

SAVITRIBAI PHULE PUNE UNIVERSITY

In the partial fulfilment of the requirements for the award of the degree of
MASTER’S IN BUSINESS ADMINISTRATION (MBA)

Through

Progressive Education Society’s

MODERN COLLEGE OF ENGINEERING

MBA DEPARTMENT
1186A, Shivajinagar, Pune 411 005
 DISSERTATION REPORT APPROVAL

The dissertation report titled POWER SECTOR AS AN INVESTOR AVENUE

Submitted by MANDAR ANIL GADRE,

Seat No. to Savitribai Phule Pune University in partial fulfillment0 of

the requirement for the award of the degree of Master in Business Administration (MBA)
has been evaluated.

Examiner:

1. External Examiner

2. Internal Examiner

Place: PUNE Date:

 INTERNAL GUIDE'S CERTIFICATE

This to certify that the report of the dissertation submitted is the outcome of the
project work entitled POWER SECTOR AS AN INVESTOR AVENUE carried
out by MANDAR ANIL GADRE bearing Seat No. carried under my guidance and
supervision for the award of Degree in

Master of Business Administration Savitribai Phule Pune University. To the best

of my knowledge, the report embodies the work of the candidate him/herself.

PROF. SUPRIYA LAKHANGAONKAR

 DECLARATION

I MANDAR ANIL GADRE of MBA Batch 2018-20 hereby declare that the Project
work titled POWER SECTOR AS AN INVESTOR AVENUE which has been
submitted to Savitribai Phule Pune University is an original work of the undersigned
and has not been reproduced from any other source. I have not plagiarized or
submitted the same work for the award of any other degree. In case this undertaking
is found incorrect, I accept that my degree may be unconditionally withdrawn.

Signature:

Name:

Place:
 INDEX

Chapter Content Page

no. no.
Executive Summary 01

1. Introduction 02

2. Research Methodology 05

3. Literature Review 06

4. Data Analysis 08

5. Findings and Suggetions 19

6. Conclusion 20

7. References 21
 EXECUTIVE SUMMARY

India is the third largest producer and the third largest consumer of electricity in the
world. India is ranked 4th in wind power, 5th in solar power and 5th in renewable power
installed capacity as of 2018. India ranked sixth in list of countries to make most
investment in clean energy at US$ 90 billion. By 2020, India will cross 100 GW
renewable energy capacity mark. The objective of the study is. to evaluate power sector
as an investment avenue. For the sake of study top 5 companies in the power sector in
taken into consideration. ranking of those companies are evaluated by the market share
from money control website and reference of news-paper article is taken. from that
Powergrid Limited, Adani Transmission, Adani Power, National Thermal Power
Corporation and National Hydroelectric Power Corporation are taken for data analysis.

Analysis is done by considering Income and Expenditure of each companies through

each Quarter from December 2018 to December 2019.By doing these data is filtered by
its profit margin of each company and change in market price of each company
throughout the quarter.

from these research investors will get the clear picture & it will help them to target those
companies with will get them high return on their investments.

1|Page
 INTRODUCTION

Power is one of the most critical components of infrastructure crucial for the economic
growth and welfare of nations. The existence and development of adequate infrastructure
is essential for sustained growth of the Indian economy.

India’s power sector is one of the most diversified in the world. Sources of power
generation range from conventional sources such as coal, lignite, natural gas, oil, hydro
and nuclear power to viable non-conventional sources such as wind, solar, and
agricultural and domestic waste. Electricity demand in the country has increased rapidly
and is expected to rise further in the years to come. In order to meet the increasing
demand for electricity in the country, massive addition to the installed generating
capacity is required.

In May 2018, India ranked 4th in the Asia Pacific region out of 25 nations on an index
that measures their overall power. India is ranked fourth in wind power, fifth in solar
power and fifth in renewable power installed capacity as of 2018. India ranked sixth in
list of countries to make most investments in clean energy with US$ 90 billion.

Market Size

Indian power sector is undergoing a significant change that has redefined the industry
outlook. Sustained economic growth continues to drive electricity demand in India. The
Government of India’s focus on attaining ‘Power for all’ has accelerated capacity
addition in the country. At the same time, the competitive intensity is increasing at both
the market and supply sides (fuel, logistics, finances, and manpower).

Wind energy is estimated to contribute 60 GW, followed by solar power at 100 GW by

2022 and 15GW from biomass and hydropower. The target for renewable energy has
been increased to 175 GW by 2022.

Total installed capacity of power stations in India stood at 364.96 Gigawatt (GW) as of
October 2019. Electricity production reached 658.55 BU in FY20 (As of September 19).
Investment Scenario

Between April 2000 and June 2019, the industry attracted US$ 14.54 billion in Foreign
Direct Investment (FDI), accounting for 3 per cent of total FDI inflows in India.

Some major investments and developments in the Indian power sector are as follows:

 In December 2019, NTPC announced investment of Rs 50,000 crore (US$ 7.26

billion) to add 10GW solar energy capacity by 2022.
 In August 2019, Sembcorp Industries, the Singapore-based energy made an
equity infusion of Rs 521 crore (US$ 101.6 million) into Sembcorp Energy
India Ltd.
 In September 2019, Adani Transmission planned to acquire the entire stake
in Bikaner Khetri Transmission.
 ReNew Power and ShapoorjiPallonji will invest nearly Rs 750 crore (US$ 0.11
billion) in a 150 megawatt (mw) floating solar power project in Uttar Pradesh.
 The Government of India is expected to offer nearly 20 power
transmission projects worth Rs 16,000 crore (US$ 2.22 billion) for bidding
in 2019.
 In November 2018, Renascent Power Ventures Pte Ltd acquired 75.01 per cent
stake in Prayagraj Power Generation Company Limited (PPGCL) for US$
854.94 million.

Government Initiatives

The Government of India has identified power sector as a key sector of focus so as to
promote sustained industrial growth. Some initiatives by the Government of India to
boost the Indian power sector:

 Government plans to establish renewable energy capacity of 500 GW by 2030.

 The Pradhan Mantri Sahaj Bijli Har Ghar Yojana- Saubhagya, launched
by the Government of India with the aim of achieving universal household
electrification by March 2019
 As of September 2018, a draft amendment to Electricity Act, 2003 has been
introduced. It discusses separation of content & carriage, direct benefit transfer of
subsidy, 24*7 Power supply is an obligation, penalisation on violation of PPA,
 setting up Smart Meter and Prepaid Meters along with regulations related to the
same.
 Ujwal Discoms Assurance Yojana (UDAY) was launched by the Government of
India to encourage operational and financial turnaround of State-owned Power
Distribution Companies (DISCOMS), with an aim to reduce Aggregate Technical
& Commercial (AT&C) losses to 15 per cent by FY19.
 As of August 2018, the Ministry of New and Renewable Energy set solar power
tariff caps at Rs 2.50 (US$ 0.04) and Rs 2.68 (US$ 0.04) unit for developers
using domestic and imported solar cells and modules, respectively.
 The Government of India approved National Policy on Biofuels – 2018, the
expected benefits of this policy are health benefits, cleaner environment,
employment generation, reduced import dependency, boost to infrastructural
investment in rural areas and additional income to farmers.

Achievements

Following are the achievements of the government in the past four years:

 India’s rank jumped to 24 in 2018 from 137 in 2014 on World Bank’s Ease of
doing business - "Getting Electricity" ranking.
 Energy deficit reduced to 0.7 per cent in FY18 from 4.2 per cent in FY14.
 Over 353 million LED bulbs were distributed to consumers in India by Energy
Efficiency Services Limited (EESL) under Unnati Jyoti by Affordable LEDs
for All (UJALA) as on July 08, 2019 and 11.17 million LED bulbs were sold
by private players till March 2019.
 As of April 28, 2018, 100 per cent village electrification achieved under
Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY).
 RESEARCH METHODOLOGY

Objectives –

1.To Analyze the power sector companies as an investment avenue.

2.To list down the top 3 power sector companies on their basis of their market share.
3. To advice the investors with respect to high return companies of power sector.

Research Design –
The data which already collected and available in published or unpublished form,
such data are known as secondary data. Secondary data are the data collected
processed and published by someone close for their purpose.

Method for Collecting Secondary Data –

 Online database information from money control app.

 Wikipedia for collecting information about company

 Upstox Pro to get knowledge about National Stock Exchange

 Newspaper article for detail information about future plans e.g. Times of India.
 LITREATURE REVIEW

Anoop Singh in 2010, “Private Investment in Power Sector in Developing

Countries” stated that USD 9.8 trillion will be the estimated demand for
investment in the electricity sector in the world by 2030. More than half of
the investment would be required by the developing countries. To improve
the investment climate for the private sector a number of developing
countries have undertaken policy initiatives.

Ashwin Gambhir, Vishal Toro, Mahalakshmi Ganapathy from Prayas

Group in 2012, “Decentralized Renewable Energy (DRE) Micro-grids in
India” in remote rural electrification micro-grid systems plays an
important role. They can have a high positive impact if implemented
effectively. The cost of production from DRE projects is comparatively
high. There are new regulatory policy instruments for more innovative
sustainable business models and equitable tariffs. Policy and regulation
can play a supportive role in promoting DRE by making finance more
easily accessible. Similarly, there should be importance provided for
community participation, as it is crucial for the long-term sustainability of
the project.

Harjeet S. Kalsi in 2010, “Power sector reforms and opportunities”, there

is an urgent requirement for greater participation by the companies to
distribute power, developing specifically superior quality products. The
companies should also advocate the right equipment at the right place for
the consumers. A proper flow of communication should be available to the
customer. Cost cutting exercise should be followed for the better market
share for the company.

S.N. Singh, M.P. Sharma and Ajit Singh in their research conducted in
2010 “Design of Mini Grid for SHP Plants” emphasized that the supply of
power to remote rural areas in India can be done in a sustainable and cost
efficient manner by optimizing the design of the mini grids. The design of
the mini grid will be such that it will be running in isolated mode only for
8 hrs/day wasting the energy of 16 hrs/day. On the basis of the Break Even
Point (BEP) the alternatives for optimization can be Alternate-V. It is a
low line loss with shortest line length and minimum capital investment.

Soma Bhattacharya and Maureen L. Cropper in 2011, “Options for Energy

Efficiency in India and Barriers to Their Adoption” have described that
greater uses of more energy- efficient technologies in India would pay for
themselves in the form of energy savings. India should design policies to
improve the economic efficiency of energy use. It can also explore
opportunities for financing to improve energy efficiency and international
cooperation to help reduce global CO2 emissions. A fundamental barrier
is government policies that distort prices. Lack of information is another
barrier. The Bureau of Energy Efficiency has not made labeling programs
mandatory yet.

Vebhav Gupta in 2011, “Power Exchanges a Boon or Bane” has stated

that changes in the world electricity markets have revolutionized the way
markets have typically viewed electricity. There has been a transition from
a vertically integrated private or public monopoly market structure.
Electricity sector reforms have enabled competitive wholesale and retail
mechanism. At geographical level due to the perishable nature of
electricity a real time basis to optimize resource has been allocated for
short-term bases. This short-term trading shall be organized on a
equitable, transparent and efficient platform. A transparent market, vibrant
on which buyers and sellers can meet the diverse needs of their
consumer’s nationwide trade electricity contracts.
 DATA ANALYSIS

National Thermal Power Corporation Limited

NTPC Limited, formerly known as National Thermal Power Corporation Limited, is an

Indian Public Sector Undertaking, engaged in the business of generation of electricity
and allied activities. It is a company incorporated under the Companies Act 1956 and is
promoted by the Government of India. The headquarters of the company is situated at
New Delhi. NTPC's core business is generation and sale of electricity to state-owned
power distribution companies and State Electricity Boards in India. The company also
undertake consultancy and turnkey project contracts that involve engineering, project
management, construction management and operation and management of power plants.

The company has also ventured into oil and gas exploration and coal mining
activities. It is the largest power company in India with an electric power
generating capacity of 58,156 MW. Although the company has approx. 16% of
the total national capacity it contributes to over 25% of total power generation
due to its focus on operating its power plants at higher efficiency levels (approx.
80.2% against the national PLF rate of 64.5%).NTPC currently produces 25
billion units of electricity per month.

NTPC currently operates 53 power stations (22 Coal, 7 combined cycle gas/liquid fuel, 2
Hydro, 1 Wind and 11 solar projects). Further, it has 9 coal and 1 gas station, owned by
joint ventures or subsidiaries.

It was founded by Government of India in 1975, which now holds 54.74% of its equity
shares on 30.06.2016 (after divestment of its stake in 2004, 2010, 2013, 2014, 2016, &
2017)
In May 2010, NTPC was conferred Maharatna status by the Union Government of India,
one of the only four companies to be awarded this status.It is ranked 400th in the Forbes
Global 2000 for 2016.
NTPC –

Quarter Income expenditure

Dec-19 25,412.39 20,361.01
Sep-19 24,459.70 19922.09
Jun-19 25,931.11 21,223.31
Mar-19 22,889.81 19,252.45
Dec-18 25,491.04 20,689.51

30,000.00

25,000.00

20,000.00

15,000.00
income
10,000.00 expenditure

5,000.00
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19Dec-18

0.00

The above graph shows quarterly report on NTPC, The Quarterly report is shown from
Dec-18 to Dec-19. As we can see in the entire year company’s income in greater than
the expenditure thus they have incurred profit in quarter throughout the year. Graph
interpretation, It is the quarterly report Of NTPC the X-axis shows the month Dec-18 to
Dec-19 while the Y-axis shows the expenditure and income of company . Blue line
shows income and Brown line shows expenditure. From Dec -18 to Mar -19 there is
decrease in trend for both income and expenditure of company. From Apr - 19 to Jun -
19 there is increase in trend for both income and expenditure of company. From July -
19 to Sep - 19 there is decrease in trend for both income and expenditure of company
and from then there is slight increase in income and expenditure of company. there are
variations in income and expenditure but percentage of profit remain constant for the
company.
Power Grid Corporation of India

The Power Grid Corporation of India Limited (POWERGRID), (NSE: POWERGRID,

BSE: 532898) is an Indian state-owned Maharatna company headquartered in Gurugram,
India and engaged mainly in Transmission of Power. POWERGRID transmits about 50%
of the total power generated in India on its transmission network. Its former subsidiary
company, Power System Operation Corporation Limited (POSOCO) handles power
management for National Grid and all state transmission utilities. POWERGRID also
operates a telecom business under the name POWERTEL. ShriKandikuppa Sreekant
serves as the Chairman and Managing Director of the company.

Power Grid Corporation of India Limited (POWERGRID) was incorporated on 23

October 1989 under the Companies Act, 1956 with an authorized share capital of Rs.
5,000 Crore (subsequently enhanced to Rs. 10,000 Crore in Financial Year (FY) 2007-
8) as a public limited company, wholly owned by the Government of India.

Its original name was the 'National Power Transmission Corporation Limited', and it was
charged with planning, executing, owning, operating and maintaining high-voltage
transmission systems in the country. On 8 November 1990, the National Power
Transmission Corporation received its Certificate for Commencement of Business. Their
name was subsequently changed to Power Grid Corporation of India Limited, which took
effect on 23 October 1992.
Power grid Limited –

Quarter income Expenditure

Dec-19 9,364.36 4,048.51
Sep-19 9,051.29 4,004.50
Jun-19 9,179.36 3,693.72
Mar-19 9,535.12 4,148.16
Dec-18 8,735.75 3,593.12

12,000.00

10,000.00

8,000.00

6,000.00
income
4,000.00 expenditure

2,000.00
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19Dec-18

0.00

The above graph shows quarterly report on Power grid Limited, The Quarterly report is
shown from Dec-18 to Dec-19. As we can see in the entire year company’s income in
greater than the expenditure thus they have incurred profit in quarter throughout the
year. Graph interpretation, It is the quarterly report of Power grid the X-axis shows the
month Dec-18 to Dec-19 while the Y- axis shows the expenditure and income of
company . Blue line shows income and Brown line shows expenditure. From Mar -18 to
Jun -19 there is decrease in trend for both income and expenditure of company. From
Jun - 19 to Sep - 19 income remain constant but expenditure of company is slightly
increased. From Oct - 19 to Dec - 19 there is increase in trend for income while
expenditure of company remain constant.
Adani Transmission Limited

Integrated in 2013, Adani Transmission Limited handles the commissioning, operations

and maintenance of electric power transmission systems. The holding company holds,
operates and maintains 8511 circuit kilometers of transmission lines that range from 400
to 765 kilovolts. The total transmission capacity of the company is 16,200 megavolt
amperes. The company has the following subsidiaries: Maharashtra Eastern Grid Power
Transmission Company Limited, Maru Transmission Service Company Limited, Adani
Transmission (India) Limited, Hadoti Power Transmission Service Limited, Raipur-
Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited, and
Chhattisgarh-WR Transmission Limited.

Quarter income Expenditure

Dec-19 2,777.52 1,961.83
Sep-19 2,593.40 1,807.51
Jun-19 2,858.08 1,948.74
Mar-19 2,545.56 1,950.57
Dec-18 2,830.02 2,149.37

3,500.00

3,000.00

2,500.00

2,000.00
income
1,500.00 expenditure
1,000.00

500.00
l-19 Aug-19 Sep-19 Oct-19 Nov-19Dec-18

0.00
The above graph shows quarterly report on Adani Transmission, The Quarterly is
shown from Dec-18 to Dec-19. As we can see in the entire year company’s income in
greater than the expenditure thus they have incurred profit in quarter throughout the
year. Graph interpretation, It is the quarterly report of Adani Transmission the X-axis
shows the month Dec-18 to Dec-19 while the Y-axis shows the expenditure and income
of company, Blue line shows income and Brown line shows expenditure. From Dec -18
to Mar -19 there is decrease in trend for both income and expenditure of company.
From Mar -19 to Jun - 19 there is increase in trend for income but decrease in trend for
expenditure of company. From July - 19 to Sep - 19 there is decrease in trend for both
income and expenditure of company and from then there is increase in income and
expenditure of company.
National Hydroelectric Power Corporation Limited:

NHPC Limited (erstwhile National Hydroelectric Power Corporation) (BSE: 533098,

NSE: NHPC) is an Indian Hydropower generation company that was incorporated in the
year 1975 with an authorised capital of Rs. 2000 million and with an objective to plan,
promote and organise an integrated and efficient development of hydroelectric power in
all aspects. Later on NHPC expanded its objects to include other sources of energy like
Solar, Geothermal, Tidal, Wind etc.

At present, NHPC is a Mini Ratna Category-I Enterprise of the Govt. of India with an
authorised share capital of Rs. 150,000 Million . With an investment base of over Rs.
387,180 Million Approx., NHPC is among the top ten companies in the country in terms
of investment. BairaSuil Power station in Salooni Tehsil of Chamba district was the first
project undertaken by NHPC.

NHPC is listed on the National Stock Exchange and Bombay Stock Exchange on 1
September 2009. The government of India and State Governments have 74.51% share as
a promoter of the Company while remaining 25.49% is public shareholding. The total
number of shareholders are 191,337 and share capital is Rs. 12,300,742,773.
NHPC -

Quarter income expenditure

Dec-19 2,159.29 1,355.01
Sep-19 3,068.42 1,526.87
Jun-19 2,609.95 1,384.37
Mar-19 2,158.41 1,469.16
Dec-18 1,807.44 1,499.51

3,500.00

3,000.00

2,500.00

2,000.00
income
1,500.00 expenditure
1,000.00

500.00
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19Dec-18

0.00

The above graph shows quarterly report onNHPC , The Quarterly is shown from Dec-
18 to Dec-19. Graph interpretation, It is the quarterly report of NHPC the X-axis shows
the month Dec-18 to Dec-19 while the Y-axis shows the expenditure and income of
company, Blue line shows income and Brown line shows expenditure. From Dec -18 to
Sep -19 there is increase in trend for income while expenditure of company was
constant up to May - 19 but from Jun - 19 to Sep - 19 there is increase in trend for
expenditure of company. From Sep- 19 to Dec - 19 there is decrease in trend for both
income and expenditure of company but income of company is decreased heavily as
compared to expenditure.
Adani Power Limited

Established in August 1996 as Adani Power Limited, the company gained a certificate of
commence business in September of the same year. The company is run by
GautamAdani, Rajesh S. Adani and Adani Enterprises Limited. The company develops
and maintains power projects in India. The firm has a combined installed capacity of
10,440 MW with four thermal power projects across India. The company runs the
following subsidiaries: Adani Power Maharashtra Limited, Adani Power Rajasthan
Limited, Adani Power Dahej Limited, Mundra Power SEZ Limited and Adani Power
(Overseas) Limited. In 2014, Adani Power overtook Tata Power to become India's
largest power producer.The third phase of Adani Power Ltd's (APL) thermal power
plant at Mundra in Gujarat is the world's first coal-fired plant to receive carbon credits
from the United Nations Framework Convention on Climate Change (UNFCCC) Adani
Power's Udupi Power Plant has been conferred with the Power Award by the
Government of Karnataka.
Adani Power –

Quarter income expenditure

Dec-19 6,574.82 5,910.30
Sep-19 5,915.69 5,332.11
Jun-19 7,804.78 5,810.23
Mar-19 6,721.72 6,805.26
Dec-18 6,380.33 5,976.81

9,000.00
8,000.00
7,000.00
6,000.00
5,000.00
4,000.00
3,000.00
2,000.00 income
1,000.00 expenditure
0.00 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19Dec-18

The above graph shows quarterly report on Adani Power, The Quarterly report is shown
from Dec-18 to Dec-19. As we can see only in June-18 Company’s income is
significantly higher than the expenditure but they have incurred profit in quarter
throughout the year. Graph interpretation, It is the quarterly report of Adani Power the
X-axis shows the month Dec-18 to Dec-19 while the Y-axis shows the expenditure and
income of company, Blue line shows income and Brown line shows expenditure. From
Dec -18 to Jun -19 there is increase in trend for income but for expenditure there is
increase in expenditure from Dec - 19 to Feb - 19. From Jun - 19 to Sep - 19 there is
decrease in trend for income and from Mar - 19 to Sep -19 there is decrease in trend for
expenditure. From Sep -19 to Dec - 19 there is increase in both income and expenditure
of company.
Market Price per share of each company-

Adani Adani
Quarter NTPC Powergrid transmission NHPC power
Dec-19 119 197.00 335.00 24.00 61.00
Sep-19 127 203.00 298.00 22.00 71.00
Jun-19 141 206.00 236.00 25.00 67.00
Mar-19 140 195.00 235.00 24.00 54.00
Dec-18 124 196.00 215.00 26.00 55.00

400
350
300
250
200
150 NTPC
100 Powergrid Adani trans NHPC
Adani power

50
0
Jun-19May-19
Mar-19

Nov-19
Aug-19

Dec-19
Dec-18

Feb-19

Sep-19
Apr-19

Oct-19
Jan-19

Jul-19

The above graph shows Market price per share of each company. For sake of
understanding highest market price in each quarter is taken into consideration. The
Quarterly report is shown from Dec-18 to Dec-19. Graph interpretation, the X-axis shows
the month Dec-18 to Dec-19 while the Y-axis shows the Market price of each company.
There is significant increase in market price for Adani Transmission from July 2019.
Power grid and NTPC shows increase in market price but the value of share is unable to
go further in upward direction. NHPC and Adani Power shows market market price is
decreasing or stays within fix range. NHPC could not cross RS.50 in any quadrant. Adani
power from September shows decrease in market share of company.
 Suggestions
Top 3 companies to invest by considering financial performance and market share are as follows -

 Adani Transmission Limited

 Power Grid Corporation of India

 National Thermal Power Corporation Limited

FINDINGS

 The Indian markets are turning volatile due to a host of macroeconomic factors like oil
prices, weak currency and worsening government finances.
 Power sector stocks could prove good defensive picks as macro concerns have minimal
impact on the sector.
 Companies like Adani Transmission, Power Grid Corporation shown that even in adverse
market situation they still manage to gear up their market price.
 investors who take lesser risk and want good amount of return on investment should go for
power sector companies
 CONCLUSION

As per the data of income and expenditure and market price per share of NTPC, Power
grid limited, Adani Transmission, NHPC, Adani Power, the outcome shows increase in
market price per share and profit margin of Adani transmission, NTPC and Power grid is
better than other companies. therefore investors should focus on these companies to get
the maximum returns.
 REFERENCE

https://www.moneycontrol.com/stocks/marketinfo/marketcap/bse/power-
generationdistribution.html

https://www.livemint.com/industry/energy/ntpc-and-power-grid-to-form-pan-india-
power-distribution-firm-in-an-equal-jv-1552358783038.html

https://www.moneycontrol.com/news/tags/adani-transmission.html

https://en.wikipedia.org/wiki/NTPC_Limited

https://en.wikipedia.org/wiki/Power_Grid_Corporation_of_India

https://en.wikipedia.org/wiki/Adani_Group

https://en.wikipedia.org/wiki/NHPC_Limited

Books and Research Papers:

1. Anoop Singh, 2010 “Private Investment in Power Sector in

Developing Countries”. ASA & Associates, 2012, ‘Power
and Energy Industry in India’.

2. Ashwin Gambhir, Vishal Toro, Mahalakshmi Ganapathy,

Prayas Group, 2012, “Decentralized Renewable Energy
(DRE) Micro-grids in India”.

3. Frank Reily, Keith Brown – Investment analysis and

portfolio management. Harjeet S. Kalsi, 2010, “Power sector
reforms and opportunities”.

4. RNCOS research report titled, 'Indian Solar Energy Market

Analysis'.

5. S.N. Singh, M.P. Sharma and Ajit Singh, 2010, “Design of

Mini Grid for SHP Plants”. Soma Bhattacharya and Maureen
L. Cropper, 2011, “Options for Energy Efficiency in India
and Barriers to Their Adoption”.

6. Vebhav Gupta, 2011, “Power Exchanges a Boon or Bane”