NHPC shares gain 2% on winning pumped storage hydro power projects

The share touched a 52-week high of Rs 52.71 and a 52-week low of Rs 33.60 on 01 August, 2023 and 23 August, 2022, respectively.

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NHPC share price rose nearly 2 percent at Rs 51.40 in the early trade on August 24 after the company signed a Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation (APGENCO) for implementation of pumped storage hydro power projects and renewable energy (solar/ floating solar/wind) projects in Andhra Pradesh.

The MoU provides a framework under which parties may collaborate and cooperate to form a joint venture company (JVC) to implement the project allotted by Government of Andhra Pradesh, under JV mode in phases, operate the plants, trading and sale of power generated in the plants in accordance with National Economic Policy and APERC/ CERC Regulatory provisions in force from time to time.

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Currently, the NHPC stock is trading 2.49 percent below its 52-week high and 52.98 percent above its 52-week low. The share touched a 52-week high of Rs 52.71 and a 52-week low of Rs 33.60 on 01 August, 2023 and 23 August, 2022, respectively.

The company’s net profit stood at Rs 1,036.86 crore in the quarter June 2023, while revenue was down marginally at Rs 2,757.26 crore.

On August 21, RITES signed a MoU with NHPC to collaborate on comprehensive consultancy services for rail infrastructure facilities for NHPC’s hydropower projects.

In July, the Arunachal Pradesh government had allotted Subansiri Upper HE Project (2000 MW) and Kamala HE Project (1800 MW) to the company.