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Hydro power generation company NHPC shares gained more than 2 percent intraday Tuesday on signing power purchase agreement with Odisha government.
"Power purchase agreement (PPA) in respect up-coming Teesta-IV Project, West Bengal & Teesta-V Power Station, Sikkim have been signed on February 21, 2017 with GRIDCO, Government of Odisha," the state-run power company said in its filing.
The agreement is for a period of 35 years from the date of commercial operation (COD) of the project/power station.
Meanwhile, the company will buy back its 81.13 crore equity shares (representing approximately 7.33 percent of total paid-up capital) at a price of Rs 32.25 per share for a consideration of upto Rs 2,616.59 crore.
NHPC had reported a profit of Rs 214.69 crore in the quarter ended December 2016, a growth of 28.86 percent over Rs 170.57 crore in year-ago period. However, revenue during the quarter fell to Rs 1,308.58 crore from Rs 1,367.56 crore year-on-year.
At 14:50 hours IST, the stock was quoting at Rs 30.35, up Rs 0.60, or 2.02 percent on the BSE.Posted by Sunil Shankar Matkar
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