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NHPC rises on plan to raise debt

Capital Market 

NHPC gained 1.24% to Rs 24.45 after the company said its board will meet on 17 September 2019, to consider raising debt up to Rs 2500 crore during financial year 2019-20.

The board will consider raising the debt through issuance of corporate bonds in one or more series/tranches on private placement basis and/or raising of term loans/inter-corporate loan/external commercial borrowings (ECB) in suitable tranches. The announcement was made during market hours today, 11 September 2019.

Shares of NHPC rose 1.66% in two trading sessions to its current market price of Rs 24.45, from a recent closing low of Rs 24.05 on 6 September 2019.

On BSE, 63,000 shares were traded in NHPC counter, compared to a 2-week average of 75,000 shares. The stock hit an intraday high of Rs 24.50 and an intraday low of Rs 23.50.

It hit a 52-week high of Rs 27.50 on 14 November 2018 and a 52-week low of Rs 20.85 on 2 August 2019.

NHPC's consolidated net profit rose 16.2% to Rs 989.27 crore on a 12.5% jump in net sales to Rs 2,609.95 crore in Q1 June 2019 compared with Q1 June 2018.

NHPC is engaged in electric generation by hydroelectric power plants. The firm is also engaged in contracts, project management and consultancy works.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 11 2019. 12:39 IST