Shares of state-owned power producer NTPC ended higher today after NTPC Renewable Energy Limited, a company fully owned by NTPC Green Energy Limited, inked a preliminary agreement with Greenko ZeroC Pvt Ltd, to supply round the clock RE Power of 1300 MW capacity for its green ammonia plant.
NTPC shares ended 1.22% higher at Rs 174.05 against the previous close of Rs 171.95 on BSE. They hit an intraday high of Rs 175.40, rising 2.01% on BSE. Earlier, NTPC stock opened higher at Rs 172.05 on BSE. NTPC shares have gained 29.55 per cent in one year and risen 4.63 per cent since the beginning of this year. Market cap of NTPC stood at Rs 1.68 lakh crore on BSE. Total 2.15 lakh shares of the firm changed hands amounting to a turnover of Rs 3.71 crore.
The stock hit a 52-week low of Rs 133.40 on March 30, 2022 and a 52 week high of Rs 182.80 on November 1, 2022.
In terms of technicals, the relative strength index (RSI) of NTPC stock stands at 45.3, signaling it’s neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.6, indicating low volatility in a year. NTPC shares are trading higher than the 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.
The deal was signed on March 28, 2023, and entails the provision of 1300 MW of renewable energy to power Greenko’s upcoming Green Ammonia Plant in Kakinada, India. Renewable energy will be available around the clock, ensuring a constant and reliable power supply for the facility.
The agreement between the two companies is one of the world’s single-largest contract for supply of round-the-clock renewable supply for an industrial client.
Also read: IndusInd Bank shares: Despite high promoter pledge, here are four triggers for a 50% upside
Also read: Which stock to buy now? Analysts pick these 20 shares for next financial year FY2024