JM Financial views the West Bengal election outcome as a potential boost for power sector governance, driven by expectations of reform under a BJP-led government. While this could create headwinds for CESC, it may benefit Coal India and other central utilities

The rightist BJP has ousted a Marxist party’s inheritor of power in West Bengal, while Tamil Nadu’s originator of Dravidian ideology has lost to a less ideological party led by film star Vijay. How investor-friendly will debutant regimes be?