As PM Narendra Modi opens the Bikaner solar power facility, NHPC gains 2%

As PM Narendra Modi opens the Bikaner solar power facility, NHPC gains 2%

With a total investment above Rs 1,732 crore, NHPC is establishing the project under the Government of India's CPSU Scheme, Phase-II, Tranche-III.

The NHPC stock has surged by over two times in the last year and by nearly three times over the previous five years.

After Prime Minister Narendra Modi lay the cornerstone for NHPC's 300 MW solar power facility in Rajasthan, the company's shares increased by about 2% on the NSE. The share was trading at Rs 98.55 at 9:20 a.m.

The NHPC said in a regulatory filing on February 16 that the Prime Minister had planted the cornerstone of a 300 MW solar power facility in Bikaner, Rajasthan. The project, which is expected to be completed by September 2024, is being established by NHPC under the Government of India's CPSU Scheme, Phase-II, Tranche-III, with a total investment exceeding Rs 1,732 crore, according to the filing.

In Q3FY24, NHPC had a 19% decrease in consolidated net profit at Rs 628.44 crore, mostly as a result of increased costs compared to Rs 775.99 crore in the preceding fiscal year. Additionally, total revenue for the same time decreased from Rs 2,691.34 crore to Rs 2,549.69 crore in Q3FY24.

The NHPC stock has surged by over two times in the last year and by nearly three times over the previous five years. The goal of India's state-owned hydropower producing corporation, NHPC, is to design, build, and operate an efficient and cohesive network of hydropower plants.