Budget 2024: BHEL, NTPC shares rebound 6% after JV announcement for 800 MW plant

Shares of NTPC Ltd and Bharat Heavy Electricals Ltd (BHEL) hogged the spotlight during the trading session on Tuesday after the Finance Minister Nirmala Sitharaman announced both the state run players to form a joint venture (JV) for 800 MW Ultra Super Critical Thermal Power Plant.

NTPC and Bharat Heavy Electricals (BHEL) will form a JV to set up a 800 MW Ultra Super Critical Thermal Power Plant. The government will provide the necessary fiscal support for the same, the minister said. Both PSU counter rebounded nearly up 6 per cent during the trading session, before giving up their gains.

Shares of BHEL rebounded nearly 5.58 per cent to Rs 315.50 on Tuesday, from day's low at Rs 298.85 earlier in the day. However, the stock turned in to red during amid the sell-off in the equity markets. The total market capitalization of BHEL stood at Rs 1.05 lakh crore.

Shares of NTPC gained more than 3 per cent to Rs 385.85 on Tuesday before slipping to Rs 369.10 amid the selling button. The total market capitalization of the company managed to hold about Rs 3.55 lakh crore mark.

Ultra Supercritical power plants operate at temperatures and pressures above the critical point of water, which means above the temperature and pressure at which the liquid and gas phases of water coexist in equilibrium, at which point, there is no difference between water gas and liquid water.

India's first Ultra Supercritical Power Plant was commissioned by NTPC in Madhya Pradesh with a capacity of 660 MW in 2019.