NHPC drops after buyback plan

NHPC lost 3.69% to Rs 26.10 at 09:19 IST on BSE after the company's board approved buyback of 21.42 crore shares at Rs 28 per share.

The announcement was made after market hours yesterday, 14 November 2018.

Meanwhile, the S&P BSE Sensex was up 86 points, or 0.24% to 35,227.99

On the BSE, 60,000 shares were traded in the counter so far, compared with average daily volumes of 3.45 lakh shares in the past two weeks. The stock had hit a high of Rs 26.40 and a low of Rs 26 so far during the day. The stock had hit a 52-week high of Rs 34.50 on 4 January 2018. The stock had hit a 52-week low of Rs 22.20 on 9 October 2018.

NHPC's board approved buyback of 21.42 crore shares, representing 2.09% equity capital of the company at Rs 28 per share on a proportionate basis through a tender offer route. The company has set 30 November 2018 as record date for buyback.

NHPC's net profit rose 19.62% to Rs 1218.51 crore on 26.54% rise in net sales to Rs 2495.02 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 14 November 2018.

NHPC is ranked as a premier organization in the country for development of hydropower.

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