MUMBAI, Aug. 27 -- Thirty billion dollars of infrastructure spending gets repriced every time a central bank signals it is done tightening. That is the arithmetic behind India's power sector rally in August 2026, and it is more mechanical than the broad rate-cut euphoria lifting the rest of the Nifty 50.

NTPC has INR 28,000 crore earmarked for capital expenditure in FY27, most of it financed at long tenor through bonds and term loans priced off the government securities yield curve. When Jerome Powell told the Jackson Hole conference on August 22 that the Federal Reserve was prepared to ease as conditions warranted, India's 10-year G-Sec yield fell 14 basis points that day and has since held near 6.82%, its lowest since early 2023. For a...