With the majority of the population asked to stay indoor, power demand across the country tanked over 8% in March and was expected to fall another 32% in April. According to the power ministry, the total electricity consumption stood at 85.05 billion units in April this year, down from 110.11 billion units in the corresponding month last year.
In the white-wash that saw S&P BSE Sensex fall over 2,000 points BSE Utilities index went down by 3%. Now, with industries being given the go-ahead, though, with certain riders, power demand is expected to surge in the coming months aided by the industry and the usual heavy demand in summers. Brokerage firms Emkay Global and JM Financial are both bullish on three stocks in the sector.