NTPC shares in focus today on joint venture for green energy parks in Maharashtra

Shares of state-owned NTPC Ltd are in news today after the state owned power major said its arm NTPC Green Energy Limited (NGEL), has inked a joint venture agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO), for development of renewable energy parks in Maharashtra.

NTPC shares ended 0.86% lower at Rs 333 on Wednesday against the previous close of Rs 335.90 on BSE. Earlier, NTPC stock opened higher at Rs 336 on BSE. NTPC shares have rallied 95 per cent in a year and risen 52.37 per cent in six months.

Market cap of NTPC stood at Rs 3.22 lakh crore on BSE. Total 1.98 lakh shares of the firm changed hands amounting to a turnover of Rs 6.62 crore. 

“The company will be formed under the joint venture and will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner. The agreement aligns with the green energy objectives of NTPC and is another step in the government of India’s efforts towards energy transition,” said NTPC in a communication to BSE.

The stock hit a 52-week low of Rs 166.65 on April 4, 2023 and touched a 52 week high of Rs 347.85 on February 21, 2024. The stock has a beta of 0.6, indicating low volatility in a year

In terms of technicals, the relative strength index (RSI) of  NTPC stock stands at 54.4, signaling it's neither trading in the overbought nor in the oversold zone.. NTPC shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.  

The NTPC Group has ambitious plans of attaining 60 GW of renewable energy capacity by 2032. Currently, it has 3.4 GW of installed RE capacity and more than 22 GW under pipeline. NTPC is committed to supporting Maharashtra’s and India’s decarbonisation goals.

MAHAGENCO has an installed capacity of about 13,170 MW including 9,540 MW thermal, 2,580 MW hydro, 672 MW gas and 378 MW solar-based power plant capacity.