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NTPC stock rises over 4% as board to consider share buyback on November 2

NTPC share touched an intraday high of Rs 89.8, rising 4.54% on BSE

twitter-logoBusinessToday.In | October 27, 2020 | Updated 14:09 IST
NTPC stock rises over 4% as board to consider share buyback on November 2
NTPC stock opened with a gain of 3.9% at Rs 89.80 against previous close of Rs 85.90 on BSE

NTPC share price climbed over 4 percent intraday after the firm said its board would meet on November 2 to consider a proposal to buy back equity shares of the company. The firm will also announce its earnings for the quarter ended September 2020 on November 2.

The stock opened with a gain of 3.9% at Rs 89.80 against previous close of Rs 85.90 on BSE. The share touched an intraday high of Rs 89.8, rising 4.54%.

The stock trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

The share has lost 26.17% in one year and gained 26.29 % since the beginning of this year.

In October, NTPC had filed an application with the capital market regulator  Securities and Exchange Board of India (SEBI) to seek exemption from the strict enforcement of the buyback norms.

Last week, Sebi granted exemption to NTPC from certain buyback norms for the proposed merger of its wholly owned subsidiaries with the parent company.

Meanwhile, CLSA has maintained a 'buy' call on the stock with a target of Rs 140 per share.

The company expects normalisation of operating expenditure from Q4 FY21 onwards, the brokerage said, adding that improving exports sales outlook ex-US should drive margin expansion. CLSA has raised FY21-23 EPS estimates by 1-3 percent.

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