NTPC surges on inking agreement with Indian Oil for formation of joint venture company
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NTPC is currently trading at Rs. 150.10, up by 0.25 points or 0.17% from its previous closing of Rs. 149.85 on the BSE.
The scrip opened at Rs. 149.50 and has touched a high and low of Rs. 150.85 and Rs. 149.25 respectively. So far 259643 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 166.30 on 19-Apr-2022 and a 52 week low of Rs. 111.95 on 26-Aug-2021.
Last one week high and low of the scrip stood at Rs. 151.60 and Rs. 146.60 respectively. The current market cap of the company is Rs. 145595.44 crore.
The promoters holding in the company stood at 51.10%, while Institutions and Non-Institutions held 45.49% and 3.40% respectively.
NTPC and Indian Oil have signed an agreement for the formation of a joint venture company for meeting the power requirements of upcoming projects of Indian Oil refineries on July 18, 2022, at New Delhi. Unified in the purpose of increasing the usage & capacity of renewable energy sources in the country, the state-run corporations teamed up setting-up renewable energy-based power plants for Indian Oil Refineries.
Going forward NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV Company for supply of RE-RTC power to Indian Oil. NGEL will be an umbrella company for consolidating NTPC’s total renewable energy businesses. Indian Oil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by December 2024 through this JV.
NTPC is the largest power utility company in India and has presence in Coal, Gas, Solar PV, Hydro and Wind Power Generation and Coal Mining.
