NHPC gains as share buyback to begin from Friday

NHPC rose 1.13% to Rs 17.85 at 13:17 IST on BSE after the company said it will commence the buyback of shares from Friday, 29 November 2013.

The company made the announcement after market hours on Friday, 22 November 2013.

Meanwhile, the BSE Sensex was up 222.67 points, or 1.10%, to 20,440.06.

On BSE, 4.80 lakh shares were traded in the counter compared with average volume of 8.53 lakh shares in the past one quarter.

The stock hit a high of Rs 18.05 and a low of Rs 17.80 so far during the day. The stock hit a 52-week high of Rs 29.40 on 20 February 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 22 November 2013, sliding 10.41% compared with the Sensex's 3.10% fall. The scrip had also underperformed the market in past one quarter, rising 7.95% as against Sensex's 10.40% rise.

The large-cap company has an equity capital of Rs 12300.74 crore. Face value per share is Rs 10.

NHPC plans to buyback around 123 crore fully paid up equity shares of Rs 10 each at a price of Rs 19.25 per share, aggregating Rs 2368 crore from the open market. The buyback offer will close on 12 December 2013.

NHPC's net profit fell 9.7% to Rs 707.58 crore on 3.1% decline in total income to Rs 1950.23 crore in Q2 September 2013 over Q2 September 2012.

NHPC is a state-run hydro-power utility. The Government of India (GoI) holds 1062.33 crore shares, or 86.36% stake in NHPC (as per the shareholding pattern as on 30 September 2013).

Powered by Capital Market - Live News