NTPC stock climbs 3% as its arm forms renewable energy JV with ONGC unit
The northward movement in NTPC's stock price also aligns with the company's strategic expansion, as its renewable energy arm, NTPC Green Energy, launches its initial public offering (IPO) today
SI Reporter New Delhi Shares of State-owned Maharatna company NTPC (formerly National Thermal Power Corporation) jumped 3.21 per cent to Rs 378.50 on the NSE during early trade on Tuesday.
The northward movement in the company’s stock price follows its announcement that "ONGC NTPC Green (ONGPL) has been incorporated on November 18, 2024, as a 50:50 joint venture of NTPC Green Energy (NGEL), a wholly-owned subsidiary of NTPC, and ONGC Green Energy (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation (ONGC)."
"ONGPL will be engaged in the business of exploring and setting up renewable energy (RE) projects and assets both through Greenfield development and acquisitions. ONGPL will also assess the feasibility and establishment of offshore wind projects, among other related activities," NTPC stated in a regulatory filing.
Also Read: NTPC Green Energy IPO opens today: How to trade NTPC, other power stocks The movement in NTPC's stock price also aligns with the company's strategic expansion, as its renewable energy arm, NTPC Green Energy, launches its initial public offering (IPO) today. Notably, NTPC Green Energy is seeking to raise Rs 3,000 crore from its IPO by offering a fresh issue of 925,925,926 shares.
NTPC is India’s largest power utility company with an installed capacity of 72,254 MW (including joint ventures). The Maharatna company plans to become a 130 GW entity by 2032. NTPC is engaged in the generation and sale of bulk power and has developed a long-term technology roadmap for adopting high-efficiency equipment, including supercritical and ultra-supercritical machines at its new plants.
As of November 19, 2024, NTPC’s market capitalisation stands at Rs 3,60,279.63 crore, and it is a constituent of the Nifty50 index. The Maharatna stock has a 52-week range of Rs 448.45 - Rs 247.30 on the NSE as of November 19, 2024.
NTPC shares have delivered a return of 20 per cent year-to-date.
At around 9:55 AM on Tuesday, NTPC shares were trading at Rs 370.70, up 1.09 per cent from their previous close of Rs 366.70 on the NSEE. Combined, nearly 6.14 million shares of NTPC worth around Rs 229.42 crore exchanged hands on the NSE and BSE on Monday.
Meanwhile, the benchmark equity indices were trading higher on Tuesday. The BSE Sensex was quoted at 78,028.98, UP 689.97 points or 0.89 per cent from its previous close. Similarly, the NSE Nifty50 traded at 23,673.40, up 219.60 points or 0.94 per cent.