Shares of NTPC Ltd. hit a record high on Wednesday following a large trade and the proposal to set up a joint venture with Bharat Heavy Electricals Ltd. in the Budget 2024.
At least 10.2 lakh shares changed hands on the NSE at Rs 389.25. This is 0.01% of the total share capital, according to Cogencis.
The joint venture is to set up 800 MW of supercritical thermal power plants, for which the government will provide the required support. The full-scale power plant will use advanced ultra-supercritical technology, which helps in producing electricity in the most efficient way with minimal pollution to the environment, Sitharaman said.
Shares of NTPC Ltd. rose as much as 2.84% during the day to Rs 393.30 apiece on the NSE. It was trading 1.60% higher at Rs 388.60 apiece, compared to a 0.27% decline in the benchmark NSE Nifty 50 as of 11:49 a.m.
The stock has risen 98.26% in the last 12 months and 24.75% on a year-to-date basis. The total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 59.61.
Twenty out of the 24 analysts tracking NTPC have a 'buy' rating on the stock, one recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.1%.
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