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NTPC rises after CCI approves stake buy in NEEPCO, THDC India

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State-run NTPC rose 1.05% to Rs 110.90 after the Competition Commission of India (CCI) approved acquisition of government's entire stake in THDC India and North Eastern Electric Power Corporation (NEEPCO) by NTPC.

NTPC will acquire 100% of the issued and paid-up share capital of the NEEPCO and 74.5% stake in THDC India, the Competition Commission of India (CCI) noted in separate releases on Monday (24 February).

THDC is a government company with 74.50% of its total shares held by the Government of India and 25.50% of its shares held by the Government of Uttar Pradesh as on 31 March 2019.

NEEPCO is a power utility, primarily operating in the north-eastern region of India. The principal business activity of the target is generation of power through hydro, thermal and solar power stations.

In the past one month, the NTPC scrip declined 3.35%. On the technical front, the stock's RSI (relative strength index) stood at 44.182. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading between its 5-day moving average (DMA) placed at Rs 110.77 and its 10-DMA placed at Rs 112.55.

Power generating major's consolidated net profit rose 22.4% to Rs 3,179.06 crore on a 0.3% fall in net sales to Rs 25,412.39 crore in Q3 December 2019 over Q3 December 2018.

NTPC is a maharatna company operating in the power generation business. The principal business activity of the firm is electric power generation through coal based thermal power plants. It also engages in the business of generation of electricity from hydro and renewable energy sources.

The Government of India holds 54.14% stake in the company as of 31 December 2019.

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

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First Published: Tue, February 25 2020. 12:11 IST