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NTPC shares hit record high in early deals, here's why 

NTPC shares hit record high in early deals, here's why 

NTPC shares have gained 77.31 per cent in one year and risen 38.21 per cent in 2024. Market cap of NTPC stood at 4.14 lakh crore on BSE

Aseem Thapliyal
Aseem Thapliyal
  • Updated Sep 19, 2024 10:32 AM IST
NTPC shares hit record high in early deals, here's why  NTPC shares are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

Shares of state-owned NTPC hit their record high on Thursday after global brokerage Jefferies maintained its buy call with a price target of Rs 185 per share. NTPC shares gained 4.34% to Rs 431.85 on BSE. NTPC shares have gained 77.31 per cent in one year and risen 38.21 per cent in 2024. 

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Market cap of NTPC stood at 4.14 lakh crore on BSE. Total 10.23  lakh shares of the firm changed hands amounting to a turnover of Rs 43.68 crore. The stock fell to a 52-week low of Rs 227.75 on October 26, 2023. 

In terms of technicals, the relative strength index (RSI) of  NTPC stock stands at 57.4, signaling it's neither trading in the overbought nor in the oversold zone. 

The stock has a beta of 1.5 indicating high volatility in a year. 

NTPC shares are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

The brokerage said the power producer is moving towards its 60 GW 2032 renewable energy target and has 24 GW pipeline in place. The company is focusing on renewable energy capacity ramp-up amid the ongoing pilot initiatives on green hydrogen. The brokerage pointed out that in the medium-term double-digit EPS CAGR remains a rerating driver for the company. 

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In a related development, the country's leading power generating company- NTPC filed IPO papers on Wednesday for its green energy arm- NTPC Green Energy (NGE). The state-run Maharatna aims to raise around $1.2 billion or Rs 10,000 crore through the issue. 

The IPO will consist solely of a fresh issue, with no offer-for-sale component included. This initiative aligns with India's ambitious renewable energy goals, as the government seeks to boost its renewable capacity to 500 GW by 2030, up from approximately 200 GW today.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Sep 19, 2024 10:31 AM IST
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