The shares of NTPC surged over 3 percent on February 20 after Sri Lanka's Cabinet approved the establishment of two solar power plants in Sampur, Trincomalee with the company, a cabinet spokesperson was quoted as saying. The shares closed at Rs 325.35 apiece.
The spokesperson said that the stage one capacity will be 50 MW, while the second stage will have a capacity of 70MW. NTPC stock closed as one of the top gainers on Nifty.
The stock has seen a strong decline of over 20 percent over the past six months. However, it has made partial recovery recently, gaining nearly 7 percent in the past 5 days. The stock is still 27 percent down from its 52-week high of Rs 448.3 per share. It is however over 11 percent higher than the 52-week low of Rs 292.70 per share.
Notably, other major factors may also have played a role in the stock's gains over four consecutive sessions. NTPC on February 18 had announced that it has paid the second interim dividend cumulatively worth Rs 2,424 crore, representing 25 percent paid-up equity capital of the company.
NTPC was ranked among the top 10 most valuable state-controlled companies in India, as per the 2024 Burgundy Private Hurun India 500. The company’s valuation jumped 51 percent to stand at Rs 3.46 lakh crore, as per the report.
(With inputs from Reuters)
(This is a developing story. Come back later for more updates)
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