The rise in NTPC share price came after the market regulator Securities and Exchnage Board of India (Sebi) approved NTPC Green Energy's initial public offering (IPO).
NTPC share price:Shares of state-owned NTPC surged up to 2.53 per cent to hit an intraday high of Rs 414 on Tuesday, October 29, 2024.
The rise in NTPC share price came after the market regulator Securities and Exchnage Board of India (Sebi) approved NTPC Green Energy's initial public offering (IPO).
NTPC Green Energy, the renewable energy subsidiary of NTPC, aims to raise Rs 10,000 crore through this IPO, which consists entirely of a fresh issuance of equity shares with no offer-for-sale (OFS) component, according to its draft red herring prospectus (DRHP). The company had submitted its IPO application to Sebi on September 18, 2024.
Of the total funds raised, Rs 7,500 crore will be allocated to repaying or prepaying loans of its subsidiary, NTPC Renewable Energy Ltd (NREL), while the remainder will be used for general corporate purposes.
As a 'Maharatna' central public sector enterprise, NTPC Green Energy boasts the largest renewable energy capacity in the public sector (excluding hydro) as of June 30, 2024, and leads in power generation for the fiscal year 2024, according to a CRISIL report cited in the DRHP. The company’s renewable portfolio includes solar and wind power assets across more than six states.
NTPC consolidated net profit rose 14 per cent annually (Y-o-Y) to Rs 5,380.2 crore in Q2FY25, from Rs 4,726.4 crore in the same quarter a year ago (Q2FY24). The total income, however, fell to Rs 45,197.8 crore in the quarter from Rs 45,384.6 crore in the same quarter last year.
The company also approved the first interim dividend of Rs 2.50 per share on the face value of paid-up equity shares of Rs 10 each for FY25. The date of payment of the dividend is November 18, 2024.
About NTPC
NTPC Limited, previously known as the National Thermal Power Corporation, stands as India’s largest power utility and a prominent public sector undertaking (PSU). Established on November 7, 1975, and headquartered in New Delhi, NTPC is committed to generating and distributing electricity while engaging in diverse activities such as coal mining, oil and gas exploration, and power trading.
NTPC offers a wide range of services, including consultancy, project management, construction management, and the operation and management of power plants. It is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), focusing on setting up power projects, optimising energy sources, and implementing innovative eco-friendly technologies.
At 10:54 AM, NTPC shares were trading 1.33 per cent higher at Rs 409.10 per share. In comparison, BSE Sensex was trading 0.47 per cent lower at 79,631.71 levels.