NTPC’s 40‑day CP at 5.60% sent its shares up 1.2% to ₹1,450, marking a sharp move amid a 24% jump in total CP outstanding to ₹6.53 lakh crore.
The RBI’s latest data show CP outstanding at ₹6.53 lakh crore as of September 15, compared with ₹5.27 lakh crore a year earlier, a 24% increase that outpaces the sector average of 18% growth in the last 12 months.
The discount‑rate range for CP fell to 5.25% at the lower end, down from 7.09% two years ago, while weaker‑rated borrowers still linger near 12%.
NTPC’s 40‑day issuance at 5.60% on September 9 sits near the lower end of the range, contrasting with Power Finance’s 90‑day CP at 5.94%. Both reflect the bank system’s liquidity surge after RBI’s 100‑bp policy cut.
Net new CP financing for non‑financial firms fell to ₹7,948 crore in FY 2025‑26 from ₹18,819 crore a year earlier, indicating the rise is mainly due to refinancing rather than fresh borrowing.
With RBI’s swap window still open and market discount rates hovering near 5.3%, analysts expect a wave of new CP issuances in Q4, potentially tightening the spread for top‑rated borrowers.