NTPC shares gain 1% on progress in PTC India stake sale
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State-owned entities NTPC, NHPC, Power Grid Corp. of India and Power Finance Corp. are working with an adviser to weigh selling their stakes in PTC India
NTPC
Shares of NTPC gained one percent today as the company is said to be selling its stake in power trader PTC India.
At 10:15 am, the scrip was up 0.7 percent at Rs 170.25 on the BSE, whereas shares of PTC India were locked in its upper circuit at Rs 87.45, up five percent.
NTPC’s stock has been surged over 29 percent in the past one year and has gained 42 percent in past three years.
Adani is among the possible bidders reviewing preliminary information on the business, while other Indian conglomerates are also evaluating whether to bid, Bloomberg reported.
State-owned NTPC, NHPC, Power Grid Corp and Power Finance Corp are working with an advisor to weigh selling their stakes of around 4 percent each. Bids are due as soon as the end of this month, the report said.
Read here | Stock Market Today: Top 10 things to know before the market opens today
Earlier in December, the news that India’s largest power generation firm has appointed a consultant for the transaction, did the rounds. This came at a time when several independent directors had stepped down from PTC India’s board alleging mismanagement in the company and its subsidiary PTC India Financial Services, another report had said.
The PTC exit is said to be a part of NTPC’s overall plan to divest its stake in its subsidiaries and joint ventures.
Promoter Government of India holds 51.10 percent stake in NTPC. While NTPC as a promoter owns 4.05 percent stake in PTC India.
PTC India is a pioneer in starting a power market in India and undertakes trading activities, which include long-term sell of power generated from large power projects as well as short-term trading arising out of supply and demand mismatches.
Track today’s market coverage here.
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