NHPC inches up after power project pact with Kerala government

NHPC rose 0.26% to Rs 19 at 9:15 IST on BSE after the company said it has signed a memorandum of understanding with Government of Kerala for the development of wind power project by NHPC in Kerala.

The announcement was made after market hours on Wednesday, 8 January 2014.

Meanwhile, the S&P BSE Sensex was up 13.98 points or 0.07% at 20,743.36.

On BSE, so far 8,749 shares were traded in the counter as against average daily volume of 7.26 lakh shares in the past two weeks.

The stock hit a high of Rs 19.05 and a low of Rs 18.85 so far during the day.

NHPC said that a memorandum of understanding (MoU) has been signed on 6 January 2014 between the company and Government of Kerala for the development of wind power project by NHPC in Kerala. As per the agreement, NHPC shall take up the grid interactive wind energy project with proposed installed capacity of 82 megawatts (MW) in Palakkad District of Kerala.

NHPC's net profit fell 9.7% to Rs 707.58 crore on 5% decline in net sales to Rs 1615.21 crore in Q2 September 2013 over Q2 September 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 December 2013).

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