NHPC Stock Soars 8% on Interim Dividend Announcement

13 Feb 2024 , 01:53 PM

On February 13, NHPC shares jumped 8% on the company’s announcement of an interim dividend of ₹1.4 per share for the 2023–24 fiscal year.

In contrast to the benchmark Sensex’s % fall during the last month, this hydropower player’s stock has increased by 24%.

According to the corporation, the December quarter saw a 26% decline in NHPC’s consolidated revenue and profit year over year (YoY) due to damage and business losses caused by flash floods in the Teesta river.

The impact on earnings was greater since NHPC had to account for increased costs of ₹34 Crore, which were offset by ₹30 Crore in other revenue from possible insurance claims.

Projects totaling 18.7 GW are being implemented by NHPC at different phases. Additionally, pump-storage projects have been announced, and agreements for 7.3 GW have been agreed with Maharashtra. There were talks going on with other states about additional 14 GW.

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