NTPC Jumps To Record After Slew Of New Projects Worth Rs 30,023 Crore

Shares of NTPC Ltd. gained on Monday in the run-up to a slew of projects by the company being inaugurated by Prime Minister Narendra Modi.

The prime minister inaugurated a series of NTPC projects worth Rs 30,023 crore on Monday.

These projects included the third stage of Singrauli thermal power project for with the board allowed investment of Rs 17,195.31 crore, according to an exchange filing.

The list of projects includes thermal power plants, a seawater-to-green-hydrogen facilities, fly ash-based lightweight aggregate plants, and a 4G-ethanol plant.

Shares of the company rose as much as 3.58% to Rs 348.05 apiece, its highest level. It pared gains to trade 2.7% higher at Rs 351.30 apiece as of 9:34 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.

It has risen 101% in the past twelve months. Total traded volume so far in the day stood at 0.53 times its 30-day average. The relative strength index was at 66.08.

Out of 23 analysts tracking the company, 20 maintain a 'buy' rating and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.1%.