NTPC Green Energy Surges After Securing Major Solar Project
Shares of NTPC Green Energy Limited (NGEL) surged on Wednesday, December 11, following a landmark win by its subsidiary, NTPC Renewable Energy Limited (REL). REL successfully secured a substantial contract in an e-reverse auction conducted by the Solar Energy Corporation of India (SECI), boosting market confidence in NGEL.
The company’s stock jumped by 5.21%, hitting ₹154.30 on the BSE, just shy of its all-time high of ₹155.30 recorded on November 4, 2024. The market capitalization soared to ₹1.23 lakh crore, with a trading turnover of ₹56.68 crore.
Key Driver: SECI Auction Win
The auction, held on December 9, 2024, aimed at developing 2,000 MW ISTS-connected Solar PV Power Projects. NTPC REL clinched 500 MW of solar power capacity at a competitive tariff of ₹3.52 per kWh. The project also involves the development of Energy Storage Systems (ESS) totaling 1,000 MW/4,000 MWh, of which NTPC REL will set up 250 MW/1,000 MWh in conjunction with the solar project. The official Letter of Award (LOA) from SECI is awaited, but investor sentiment is already bullish.
IPO Performance Fuels Confidence
NGEL’s stellar performance since its November 27, 2024 debut on the stock exchanges further underscores its potential. The company’s IPO, open from November 19 to 22, raised ₹10,000 crore through the issuance of 92.59 crore equity shares at ₹102–108 per share. Subscribed 2.42 times, the stock debuted at ₹111.60, a 3.33% premium over its issue price.
By 10:50 am on December 11, NGEL shares traded at ₹149.05 on the BSE, marking a steady 1.64% increase.
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