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NTPC shares rise over 3% amid reports of Rs 10,000 crore bid to acquire THDC and NEEPCO

NTPC shares climbed 3.61% to touch an intraday high of Rs 119.25 on the BSE, against the last closing price of Rs 115.10

twitter-logo BusinessToday.In        Last Updated: November 22, 2019  | 16:44 IST
NTPC shares rise amid reports of Rs 10,000 crore bid to acquire THDC and NEEPCO
The power major may shell out nearly Rs 10,000 crore to acquire a stake in the companies, media reports suggested

The share price of National Thermal Power Corporation Limited (NTPC) rose today after media reports suggested that the company may make an aggressive bid of about Rs 10,000 crore to acquire THDC and NEEPCO.

NTPC shares climbed 3.61% to touch an intraday high of Rs 119.25 on the BSE, against the last closing price of Rs 115.10. NTPC stock has gained after 3 sessions of consecutive fall. The PSU thermal power producer topped the gainers' list on the Nifty index today.

Even as the stock has gained 0.21% in the last week, it has eroded 2% value in one month and 5.19% on a year-to-date basis. As per market-depth data on BSE, there is 51% buying against 49% selling on the current stock value.

NTPC stock price trades higher than 5-day moving averages but lower than 20, 50, 100 and 200-day moving averages. In terms of volume, 5.88 lakh and 97.55 lakh shares are changing hands on the BSE and NSE counters, respectively.

The Cabinet on Wednesday gave in-principle approval for strategic disinvestment in two hydro power-producing firms, THDC and Neepco along with transfer of management control to state-owned NTPC.

The power major may shell out nearly Rs 10,000 crore to acquire a stake in the companies, media reports suggested.

The government holds 74.22%  in Tehri Hydro Development Corporation India Limited (THDC) and 100% stake in North Eastern Electric Power Corporation Limited (NEEPCO), respectively. Uttar Pradesh government owns the remaining 25% stake in THDC India.

Further, foreign financial firm Morgan Stanley upgraded the rating of NTPC to 'Overweight' from 'Equal-Weight' earlier and increased the target price to Rs 152 per share from Rs 147.

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