State-run NHPC rose 0.24% to Rs 20.35 after the company said its board has approved raising debt of up to Rs 2,000 crore in the ongoing financial year.
NHPC said its board on Wednesday, 6 May 2020, has approved the proposal to raise debt of up to Rs 2,000 crore during 2020-21 through issuance of secured, redeemable, non-cumulative, non-convertible taxable corporate bonds in one or more tranches on private placement basis and/or raising of term loans or external commercial borrowings in suitable tranches, a company statement said.
On the technical front, the stock's RSI (relative strength index) stood at 44.993. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 20.68 and its 200-day moving average (DMA) placed at 22.93.
NHPC is engaged in electric power generation by hydroelectric power plants. The firm is also engaged in contracts, project management and consultancy works.
As of 31 March 2020, the Government of India held 70.95% stake in the company.
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