NHPC Shares Surge as PM Modi Launches 300 MW Solar Power Plant in Rajasthan

19 Feb 2024 , 10:21 AM

NHPC shares witnessed a significant uptick of nearly 5% on the NSE, following Prime Minister Narendra Modi’s inauguration of a 300 MW solar power plant in Rajasthan, being established by NHPC. As of 10.22 am, the stock was trading at ₹97.40 reflecting investor optimism surrounding the renewable energy project.

In a regulatory filing dated February 16, NHPC announced that the Prime Minister had laid the foundation stone for the 300 MW solar power plant in Bikaner, Rajasthan. The project, undertaken by NHPC under the Government of India’s CPSU Scheme, Phase-II, Tranche-III, involves a total investment exceeding ₹1,732 Crore. It is slated for commissioning by September 2024.

Despite the positive market sentiment stemming from this development, NHPC’s financial performance for Q3FY24 recorded a 19% decline in consolidated net profit, amounting to ₹628.44 Crore compared to ₹775.99 Crore in the previous fiscal. Total income for the same period also experienced a decrease, dropping to ₹2,549.69 Crore in Q3FY24 from ₹2,691.34 Crore a year ago.