Updated January 5th, 2024 at 11:16 IST
Here’s why NHPC shares are buzzing in trade today
NHPC has jumped nearly 11% in the first week of 2024.
NHPC buzzing in trade: Shares of National Hydroelectric Power Corporation (NHPC) zoomed 8.53 per cent to hit a fresh 52-week high of Rs 75 per share during early trade on Friday. The shares jumped after the company inked a Memorandum of Understanding (MoU) with Gujarat Power Corporation Limited (GPCL) for proposed investment of Rs 4,000 crore in Kuppa Pumped Storage Project (750 MW), Chhota Udaipur in Gujarat.
Image Credits: NHPC
In an exchange filing, the company said, “It is to inform that during Vibrant Gujarat Global Summit, 2024, NHPC Limited has signed a MoU with GPCL for proposed investment of Rs.4,000 crore in Kuppa Pumped Storage Project (750 MW), Chhota Udaipur, Gujarat with proposed year for commencement of investment as 2024-25.”
Notably, NHPC has jumped nearly 11 per cent in the first week of 2024. The stock more than doubled investors wealth in 2023 b y rising to Rs 75 per share from a low of Rs 37.80.
NHPC Limited, a Miniratna power company, reported a marginal increase in profit to Rs 1,693 crore during the September quarter of FY 24, compared to Rs 1,685.81 crore in FY23. However, the total income saw a decline to Rs 3,114 crore from Rs 3,478 crore in the corresponding period of the previous year.
Image Credits: Pexels
Established in 1975, NHPC Limited operates under the Ministry of Power, Government of India, with the mission of planning, promoting, and organising the integrated and efficient development of hydroelectric power in the country. As a government-owned entity, NHPC is primarily engaged in the construction and operation of hydroelectric power plants.
The company has played a vital role in the development of several hydroelectric projects across India, including the Nathpa Jhakri Hydroelectric Power Station, Bhakra Nagal Dam, Teesta Low Dam Project, among others.
As of 10:25 am, shares of NHPC were trading 3.60 per cent higher at Rs 71.59 per share.
Published January 5th, 2024 at 10:32 IST