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Sembcorp Industries kept at 'add' as electricity spot prices power to 3-year high in India

Stanislaus Jude Chan
Stanislaus Jude Chan9/19/2018 01:18 PM GMT+08  • 2 min read
Sembcorp Industries kept at 'add' as electricity spot prices power to 3-year high in India
SINGAPORE (Sept 19): CGS-CIMB Research is keeping its “add” call on Sembcorp Industries with an unchanged target price of $3.49 on the back of higher power demand in India.
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SINGAPORE (Sept 19): CGS-CIMB Research is keeping its “add” call on Sembcorp Industries with an unchanged target price of $3.49 on the back of higher power demand in India.

Average electricity spot prices in India have surged to a 3-year high on higher demand as a result of retreating monsoon as well as lower hydro and wind power generation, according to analyst Lim Siew Khee in a Tuesday report.

“The overall spot prices were pushed up by aggressive buying from state power distribution companies including Maharashtra, Gujarat and Telangana due to increased demand in the agricultural and industrial sectors given the current dry spell,” Lim says.

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