Shares Surge with Solar Venture
NHPC Ltd. witnessed a remarkable 6% surge in shares following the commencement of construction for a 300 MW solar power plant in Rajasthan. This ambitious project, backed by an investment of Rs 1,732 crore, falls under the Union government’s CPSU Scheme, Phase II for grid-connected solar photovoltaic power projects.
Strategic Investment and Timeline
The 300 MW solar plant, set to be commissioned by September, signifies a strategic move towards green energy initiatives. The project aligns with the government’s commitment to promoting solar energy, evident in the substantial investment and the efficient timeline for completion.
Market Response and NHPC’s Stock Performance
NHPC’s stock witnessed a notable uptick, surging by 6.52% to reach Rs 98.90 apiece on the NSE. This surge surpassed the benchmark Nifty 50’s 0.31% advance, underlining the market’s positive response to the solar venture. Over the past 12 months, NHPC’s shares have exhibited an impressive growth of 152.8%.
Analyst Insights and Projections
According to Bloomberg data, five out of eight analysts tracking NHPC recommend a ‘buy,’ while three suggest a ‘sell.’ The average of 12-month analyst price targets implies a potential downside of 24.6%, indicating a cautious yet optimistic outlook amidst the dynamic landscape of the solar energy market.
As NHPC propels forward with its solar endeavors, the positive market response reflects a broader trend of increasing investments in solar technology, aligning with global green energy policies.
Source：bloombergquint.com
