NHPC share price rises over 5% to touch 52-week high on power project win
NHPC share price rose over 5.5% to touch 52-week high on Monday's trading session following approval of the allocation of two power projects by the Arunachal Pradesh government on Friday. NHPC shares opened at ₹47.59 apiece on BSE. The stock hit intraday high at ₹47.59 and intraday low at ₹47.39.
The company stated in an exchange filing that the government of Arunachal Pradesh had approved the allocation of the 1,800 MW Kamala project and the 2,000 MW Subansiri Upper Hydro project to state-run hydropower behemoth NHPC. Both initiatives were previously given to private power developers. According to a news report from PTI, the government informed NHPC on Friday that the projects had been approved.
According to a PTI news report, the Subansiri Upper project is situated on the Subansiri river, a branch of the river Brahmaputra, in the northeastern state's Upper Subansiri district, whereas the Kamala Project, which will be built on the Kamala river, an a branch of the Subansiri, is situated in Kamle district. KSK Energy Venture Ltd was given the Subansiri Upper project on March 18, 2010, while Jindal Power Ltd was given the Kamala project on August 28, 2009, through the execution of memorandums of agreements (MoAs), said the news report. The official told PTI that there had been no actual work on either project and that the power developers had made just minimal pre-construction efforts.
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