NHPC gains after signing agreement with Govt of Kerala

NHPC rose 3.09% to Rs 20 at 11:28 IST on BSE after the company signed an agreement with Kerala State Electricity Board for the development of Solar Power Projects in the state of Kerala.

The company made the announcement after market hours on Monday, 12 May 2014.

Meanwhile, the BSE Sensex was up 384.97 points, or 1.63%, to 23,935.97

On BSE, so far 8.65 lakh shares were traded in the counter, compared with an average volume of 4.95 lakh shares in the past one quarter.

The stock hit a high of Rs 20.25 and a low of Rs 19.50 so far during the day. The stock hit a 52-week high of Rs 21.20 on 17 May 2013. The stock hit a 52-week low of Rs 14.80 on 7 August 2013.

The stock had underperformed the market over the past one month till 12 May 2014, falling 5.37% compared with 4.07% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 4.02% as against Sensex's 15.17% rise.

The large-cap company has an equity capital of Rs 11070.67 crore. Face value per share is Rs 10.

NHPC said that an agreement was signed between the company and Kerala State Electricity Board on 8 May 2014 at Thiruvanthapuram for the development of Solar Power Projects in the state of Kerala. As per this agreement NHPC shall in the first phase take up implementation of 50 megawatt (MW) grid linked solar power project at West Kallada Panchayat in Kollam District.

Net profit of NHPC declined 16.8% to Rs 259.35 crore on 23.2% rise in net sales to Rs 1123.38 crore in Q3 December 2013 over Q3 December 2012.

NHPC is a state-run hydro-power utility. The Government of India (GoI) holds 85.96% stake in NHPC (as per the shareholding pattern as on 31 March 2014).

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