NTPC shares gain on coal supply, outlook hopes

Shares in state-run NTPC Ltd rallied 3.8% after Coal India's agreement this week to supply 80 percent of the coal needed to fuel new power projects eased concerns about supply of the key commodity.

The fuel supply agreement is above Coal India's initial proposal to supply 65% of the coal supplies.

Analysts added NTPC officials also struck an optimistic note about its profit outlook in a conference call after market hours on Wednesday.

Last week the company earnings topped analyst estimates after its April-June net profit rose 20.4% to 25 billion rupees from a year earlier.