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It said any material development regarding the same would be informed to the stock exchanges.
The company was responding to Livemint.com’s February 19 report on CMD Raj Kumar Chaudhary saying NHPC would shortly decide on buying co-promoter’s stake in PTC.
On another note, on Thursday, February 20, brokerage firm CLSA upgraded NHPC shares
to a ‘high-conviction perform’ and set a price target of ₹117 per share.
The brokerage expects shares of NHPC to double over the next four years, adding that a 25% correction in the last six months gives investors an inexpensive opportunity to accumulate the stock.
NHPC is also gearing up to list its subsidiary NHPC Renewable Energy in the next two years, Chaudhary told CNBC-TV18 earlier this week. It currently operates 261.7 megawatt (MW) of renewable projects, including five solar and one wind project, with an additional 1,490 MW of solar capacity under construction. NHPC is also developing a 1,200 MW solar park and a 145 MW solar project in Uttar Pradesh as part of its expansion into clean energy.
NHPC reported a 52.5% decline in its third quarter net profit at ₹231 crore against the previous year’s ₹486.7 crore. Its revenue from operations increased 11.3% to ₹2,286.8 crore compared to ₹2,055.5 crore in last year. At the operating level, the company’s EBITDA jumped 35.8% to ₹1,021.5 crore from the previous fiscal’s ₹752.1 crore. Its EBITDA margin expanded to 44.7% in comparison with the last financial year’s ₹36.6%.
NHPC shares were trading 1.14% higher at ₹80.71 apiece at 12.05 pm on Friday, February 21. The stock has fallen nearly 16% in the last six months.
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