NTPC hits 52-week high after signing MoU for takeover of Chhabra power plant

NTPC advanced 3.28% to Rs 169.80 at 12:06 IST on BSE after the company signed a non-binding memorandum of understanding for take-over of Chhabra thermal power plant stage-I and stage-II.

The announcement was made during market hours today, 12 January 2017.

Meanwhile, the S&P BSE Sensex was up 74.24 points, or 0.27%, to 27,214.65

On the BSE, 3.37 lakh shares were traded on the counter so far as against the average daily volumes of 2.28 lakh shares in the past one quarter. The stock hit a high of Rs 170.60 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 164.40 so far during the day. The stock hit a 52-week low of Rs 116.80 on 25 February 2016.

The stock had underperformed the market over the past 30 days till 11 January 2017, falling 0.3% compared with 1.66% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 13.89% as against Sensex's 1.82% fall.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPC said that the company has signed a non-binding memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan and Rajasthan Urja Vikas Nigam for take-over of Chhabra thermal power plant stage-I (4x 250 MW) and stage-II (2x660 MW) of Rajasthan Urja Vikas Nigam.

In a separate announcement made after market hours yesterday, 11 January 2017, NTPC said that the company's board of directors has accorded investment approval for Dulanga coal mining project having rated production capacity of 7 MTPA at an appraised estimated cost of Rs 1053.41 crore.

NTPC's net profit declined 17.87% to Rs 2495.97 crore on 8.41% rise in net sales to Rs 19241.47 crore in Q2 September 2016 over Q2 September 2015.

Established in 1975, NTPC is India's largest power utility with an installed capacity of 48,028 megawatts (MW).

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