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Mar 07, 2013, 10.11 AM IST
ABL Srivastava, director – finance at NHPC told CNBC-TV18 that the company has spoken to BSE, NSE and Sebi regarding the suddent correction and expects a detail report on the same.
As of now, there is no single project that is being transferred to the J&K government or is issued under consideration of the ministry of power
State-owned National Hydroelectric Power Corporation ( NHPC ) fell by a whopping 32 percent in the last three trading sessions due to heavy selling by the investors. The reason for the sudden correction is yet to be identified. ABL Srivastava, director finance at NHPC, told CNBC-TV18, that the company has spoken to BSE, NSE and Sebi regarding the issue and expects a detail report on the same.
Sudden sell-off led to worry among investors on which Srivastava assures that there is no change as far as fundamentals of the company are concerned.
"The fundamentals of the company are as strong as they were a week before. There is nothing adverse in the Budget that may impact the hydro sector. As far as investors are concerned, there is no matter of concern," he adds
Below is the verbatim transcript of ABL Srivastava's interview on CNBC-TV18
Q: Could you tell us why there was a steep reverse in your stock in the past three-four trading sessions? We heard about some operator being in trouble, but what struck your shares?
A: On Friday evening, there was some reduction in the prices and there was a major crash on the Monday morning. The moment we saw it on the television, we tried to inquire into the matter and also spoke to Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and Securities and Exchange Board of India (SEBI). We have requested them to inquire into the matter and give us the details. We have also requested our registrars to give the summary of the transactions, held during these two days. We will be in a position to get some details today, more by tomorrow and will then come to know who sold the shares and who purchased it.
As per the market news, newspapers and analyst reports there has been some major sale and because of margins they had to push up their sales. We have already assured our investors that there is no change as far as fundamentals of the company are concerned. The fundamentals of the company are as strong as they were a week before. There is nothing adverse in the Budget that may impact the hydro sector. So, as far as investors are concerned, there is no matter of concern and I can reassure that once again.
Q: Any suggestions from the BSE, NSE or Sebi in terms of what could have gone wrong on Friday and Monday?
A: Nothing has been received from BSE, NSE or Sebi as of now.
Q: You started your reply by saying that on Friday evening the prices were cut. What were you referring to? Were you referring to stock prices or did you announce any power prices?
A: I was referring to the stock prices.
Q: One key concern for NHPC has been the Jammu and Kashmir (J&K) state government’s demand to take over some of J&K projects at a book value of about one time. Could you apprise us of the recent developments on that front?
A: This issue has been coming up for many years and has been raised at various forums. The management has been telling every time that as far as NHPC is concerned, there is no issue of giving these projects to J&K. The government of India, ministry of power have also clarified more than once that there is no question as of now of reverting these projects to J&K government. Whatever decision is taken by the government, we will put up our interest, and company's interest will be placed before company's authority before taking any decision. As of now there is no issue of transfer of projects to J&K government.
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