NHPC shares up over 140% in a year; what's next for this multibagger stock?

Shares of NHPC Ltd have gained 140.47 per cent in the past one year. The hydropower producer's stock was last seen trading 0.46 per cent higher at Rs 92.17 on Monday. At this price, the scrip has slipped 20.43 per cent from its one-year high value of Rs 115.84, a level seen earlier this month on February 5.

On technical setup, NHPC shares looked 'bearish' on charts with a near-term support at Rs 88 level. On the higher side, a decisive close above the Rs 99 zone is required for further upside.

AR Ramachandran from Tips2trades said, "NHPC is sideways to bearish on daily charts with strong resistance at Rs 98.7. A daily close below support of Rs 88.6 could lead to target of Rs 77 in the near term."

DRS Finvest founder Ravi Singh said, "Next resistance will be at Rs 110. Major support is placed at Rs 80."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 88 and resistance at Rs 99. A decisive close above Rs 99 level may trigger a further upside till Rs 105. Expected trading range will be between Rs 85 and Rs 110 for a month."

During the third-quarter (Q3 FY24), the state-owned firm reported a 26.77 per cent fall in its consolidated net profit, at Rs 491.90 crore, as against Rs 671.67 crore in the corresponding period last fiscal.

Revenue from operations slipped 20.42 per cent in Q3 FY24 compared to Rs 2,055.50 crore in the year-ago period.

NHPC is engaged in generation and sale of bulk power to various power utilities. The company's other business activities include project management/construction contracts/consultancy assignment services and trading of power.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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