Shares of NHPC Ltd. rose over 6% on Monday after it laid the foundation stone for a 300-megawatt grid-connected solar power plant In Rajasthan.
With an investment of Rs 1,732 crore, the project is being set up under the Union government's CPSU Scheme, Phase II for grid-connected solar photovoltaic power projects. The plant is scheduled to be commissioned by September, according to an exchange filing.
NHPC's stock rose as much as 6.52% during the day to Rs 98.90 apiece on the NSE. It was trading 6.19% higher at Rs 98.6 per share, compared to a 0.31% advance in the benchmark Nifty 50 as of 11:02 a.m.
The share price has risen 152.8% in the past 12 months. The total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 62.8.
Five out of the eight analysts tracking NHPC have a 'buy' rating on the stock and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 24.6%.
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