Shares of recently-listed NTPC Green Energy Ltd staged a sharp recovery in Tuesday's trade after hitting their all-time low level of Rs 109.40 a day ago. Today, the stock touched its 10 per cent upper price band of Rs 121. It saw high trading volume on BSE as around 23.13 lakh shares changed hands at the time of writing this story. The figure was higher than the two-week average volume of 12.73 lakh shares. Turnover on the counter came at Rs 26.93 crore, commanding a market capitalisation (m-cap) of Rs 1,01,958.59 crore.
Recently, the renewable energy player's subsidiary -- NTPC Renewable Energy Ltd (NTPC REL) -- has commissioned the second part of its capacity of 60 MW out of the 320 MW Bhainsara Solar PV project, and 50 MW out of the 220 MW Shajapur Solar project (Unit-II). With this, the wholly-owned subsidiary has commissioned a total capacity of 220 MW for Bhainsara Solar and 100 MW for Shajapur Solar.
NTPC's diversification into green energy and its foray into nuclear power will be positive for the company over the medium- to short-term, said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, adding that investors can add the stock on dips as the company has potential to perform. NTPC Green is a wholly-owned subsidiary of state-run NTPC Ltd.
Technically, near-term support could be seen in the Rs 112-120 levels. Resistance may be found at Rs 125. "Traders should only buy when the stock decisively breaks above Rs 126 level," an analyst said.
"Investors can buy the stock in the Rs 112-116 range, keeping a stop loss placed at Rs 108. The expected near-term target would be Rs 125," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"The stock witnessed consistent profit-booking, forming a strong base at Rs 112-120 levels. It has now entered a no-trade zone. For investors, NTPC presents a potential buying opportunity only if it decisively breaks above Rs 126 and sustains at higher levels. Until then, it is advisable to stay cautious as the stock remains rangebound," said Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox.
NTPC Green is a renewable energy company focussed on undertaking projects via organic and inorganic routes. As of September 2024, promoters held an 89.01 per cent stake in the renewable energy company.