News for Power Finance Corporation Limited (PFC.BO)

Power Finance Corporation (PFC) shares declined after disclosing a Rs 307 crore outstanding exposure to Gensol Engineering, which had received a loan for electric vehicles. PFC is pursuing legal action due to alleged document falsification by Gensol.

In a dramatic turn of events, regulator Sebi, through its interim order on Tuesday, barred the Jaggi brothers from accessing the securities markets until further notice. The action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.

SEBI, in its interim order, said that Jaggi brothers misused Gensol’s funds in a fraudulent manner and treated the company as a piggybank.

Gensol Engineering faces Sebi action for fraud and forgery, leading to plummeting stock prices and market cap decline.

Anmol Singh Jaggi and Puneet Singh Jaggi, directors of Gensol, have been accused of securities fraud and forgery by Sebi, India’s market regulator. How did the Jaggi brothers, sons of a decorated army officer, go from being celebrated entrepreneurs to being accused of siphoning off money?

Brothers Anmol and Puneet Jaggi, once celebrated figures in India's renewable energy sector with Gensol Engineering and BluSmart Mobility, are now under scrutiny. SEBI has barred them from the securities market, alleging fund misappropriation from Gensol for personal use.

Stocks such as Torrent Power, Bharat Heavy Electricals (BHEL), Power Grid Corporation, and NHPC have posted strong double-digit gains ranging from 10% to 26% over the past month, outpacing both the sectoral BSE Power index and the broader BSE Sensex. In comparison, the BSE Power index rose 8%, while the Sensex added 4% during the same period.

To save on long-term capital gains tax, investors can utilize Section 54EC by investing in specific long-term bonds, which are notified by the government. With a new income tax bill coming into effect starting April 1, 2026, understanding eligible bonds is crucial. At present, only some public sector enterprises have been mandated by the government to issue 54EC bonds. Read on to know more.

Stocks including Infosys, UltraTech, HCL Technologies, HAL, Asian Paints, BEL, Jio Financial, PFC, Adani Green, ABFRL, Raymond and CESC will be in the spotlight on Friday, March 28.

Emkay Global removed IndusInd Bank from its model portfolio, citing leadership uncertainty and derivatives accounting concerns. The brokerage also downgraded the stock and added Power Finance Corporation, citing attractive valuations and bullish exposure to the power sector.

Gensol's EVs currently operate on the BluSmart platform.

Buzzing stocks, stocks to watch: Reliance Industries, L&T, IndusInd Bank, Welspun Corp, Ola Electric, GMR, GSPL, Carysil, PFC, JSW Energy, Unicommerce, Yes Bank, CG Power, HOCL, NCC, IFCI, Ircon International, Power Mech

Stocks including RIL, Power Grid, Dr Reddy's Labs, Welspun Corp, M&M, Raymond, L&T, Ola Electric, PFC and Apollo Hospitals will be in the spotlight on Monday, March 24.

Stocks including TCS, Hindalco, HUL, Hero Moto, Asian Paints, Manappuram, Zomato, Glenmark Pharma, PFC and RailTel will be in the spotlight on Friday, March 21.

Stocks including Bajaj Auto, LIC of India, Zydus Lifesciences, Dr Reddy's Labs, GR Infra, L&T, Granules India, Bharat Petroleum, Zen Tech will be in the spotlight on Wednesday, March 19.

NMDC paid a total dividend of Rs 7.25 per share worth Rs 1,685.11 crore in FY24, Rs 5.91 dividend in FY23 (Rs 1,098.98 crore) and Rs 14.74 per share dividend (Rs 1,474 crore) in FY22.

REC rose by as much as 3.5% on Thursday to Rs 416.10 on the BSE, while PFC gained 2.9% to Rs 407.10. Macquarie set a target price of Rs 700 for REC and Rs 660 for PFC, suggesting an upside potential of about 68% and 62%, respectively, from current levels.

Gensol Engineering shares plunged 10% to a 52-week low of Rs 372.60 on the BSE, extending a 28% fall over two sessions. The drop followed CARE Ratings' downgrade due to loan servicing delays. The stock has declined 63% from its peak, with technical indicators signaling continued weakness amid liquidity concerns and bearish momentum.

Gensol Engineering shares hit the lower circuit, plunging 20% to Rs 413.95 after CARE Ratings downgraded its bank facilities due to loan servicing delays. The stock is down 63% from its peak, trading below key moving averages. CARE flagged liquidity concerns, citing poor debt servicing. Technical indicators signal continued weakness.