NHPC's Shares Surge on Rs 4,000 Crore Investment MoU with GPCL for Gujarat Project

4 Jan 2024 , 02:48 PM

NHPC’s share price rose in early trade on January 4 after signing an MoU with GPCL for a proposed investment of Rs 4,000 crore in the Kuppa Pumped Storage Project (750 MW) in Chhota Udaipur, Gujarat. The commencement of investment is planned for 2024-25.

At the time of writing the stock was Rs 69.35 which is a 2.97% spike than the previous close. The stock touched a 52-week high of Rs 68.71 on January 2, 2024, and a 52-week low of Rs 37.80 on February 27, 2023.

In December, Sembcorp Industries’ subsidiary Green Infra Wind Energy Ltd (GIWEL) secured a 300 MW solar project from NHPC.

NHPC’s board approved the proposal for the monetization of future cash flow (consisting of Return on Equity) for 8/10 years in a single tranche during the financial year 2023-24 or beyond.

NHPC reported a net profit of Rs 1,545.85 crore in the quarter ended September 2023.

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