NHPC gains 2% as Prime Minister Narendra Modi inaugurates Bikaner Solar power plant

The project is being set up by NHPC under Government of India’s CPSU Scheme, Phase-II, Tranche-III with total investment of over Rs 1,732 crore.

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Shares of NHPC gained nearly 2 percent at open on the NSE after Prime Minister Narendra Modi laid the foundation for the 300 MW solar power plant in Rajasthan being set up by NHPC. At 9:20 am, the stock was trading at Rs 98.55.

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In a regulatory filing on February 16, NHPC reported that the prime minister has laid the foundation stone for a 300 MW solar power plant in Bikaner, Rajasthan. According to the filing, the project is being set up by NHPC under the Government of India’s CPSU Scheme, Phase-II, Tranche-III with total investment of over Rs 1,732 crore and is scheduled to be commissioned by September 2024.

For Q3FY24, NHPC reported a 19 percent fall in consolidated net profit to Rs 628.44 crore for the quarter due to higher expenses against Rs 775.99 crore in the previous fiscal. Total income for the same period also fell to Rs 2,549.69 crore in Q3FY24 against Rs 2,691.34 crore a year ago.

Also read: MC Exclusive | RK Singh vows to double India’s hydropower capacity

Over the last one year, NHPC stock has gained nearly 2x and over nearly 3x over the last five years. NHPC is a state-owned hydroelectric power generating company dedicated to the planning, development and implementation of an integrated and efficient network of hydroelectric projects in India.

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