NHPC edges higher on fund raising plan

NHPC gained 1.04% to Rs 29.15 at 11:00 IST on BSE after the company said its board of directors will meet on 30 May 2017 to consider the proposal for raising of Rs 1756 crore through issuance of 'W' series corporate bonds.

The announcement was made after market hours yesterday, 24 May 2017.

The stock had dropped 5.87% in three sessions to settle at Rs 28.85 yesterday, 24 May 2017, from a close of Rs 30.65 on 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 185.17 points, or 0.61% to 30,486.81.

On the BSE, 39,956 shares were traded in the counter so far, compared with average daily volumes of 4.42 lakh shares in the past one quarter. The stock had hit a high of Rs 29.15 and a low of Rs 28.70 so far during the day.

The stock had hit a 52-week high of Rs 33.10 on 5 April 2017. The stock had hit a 52-week low of Rs 21.80 on 24 May 2016. The stock had underperformed the market over the past one month till 24 May 2017, falling 9.13% compared with 2.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 4.31% as against Sensex's 4.88% rise.

The large-cap company has equity capital of Rs 10259.32 crore. Face value per share is Rs 10.

NHPC said that the company's board of directors in its meeting scheduled to be held on 30 May 2017 will consider the proposal for raising of Rs 1756 crore through issuance of 'W' series corporate bonds on private placement basis. The proposed issue is out of Rs 4500 crore already approved by the shareholders in 40th Annual General Meeting held on 22 September 2016.

NHPC will also announce its Q4 results on 30 May 2017.

NHPC's net profit rose 25.9% to Rs 214.69 crore on 3.41% fall in net sales to Rs 1298.35 crore in Q3 December 2016 over Q3 December 2015.

NHPC is India's premier hydropower company. Government of India (GoI) holds 74.5% stake in NHPC (as per the shareholding pattern as on 31 March 2017).

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