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NTPC stock edges higher, powered by Tripura deal; Jefferies sees 16% upside

The government of Tripura and NTPC Renewable Energy Limited (NTPC REL) have signed an agreement for development of renewable energy projects in the northeastern state.

January 17, 2023 / 11:45 AM IST
The government of Tripura and NTPC Renewable Energy Limited (NTPC REL) have signed an agreement for development of renewable energy projects in the northeastern state.

The government of Tripura and NTPC Renewable Energy Limited (NTPC REL) have signed an agreement for development of renewable energy projects in the northeastern state.

 
 
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Shares of NTPC edged higher intraday on January 17, a day after the power generator signed a pact for development of green energy projects with the Tripura government.

The government of Tripura and NTPC Renewable Energy Limited (NTPC REL) have signed an agreement for development of renewable energy projects in the northeastern state. The Memorandum of Understanding (MoU) was signed between Tripura Chief Minister Manik Saha and senior officials of NTPC Ltd in the national capital on Monday, an official statement said.

"NTPC REL signed an MoU with the Government of Tripura on January 16, 2023 for development of renewable energy projects in Tripura," it said.

The agreement aims to develop large-sized renewable energy projects in Tripura and shall help the state in meeting its clean energy commitments.

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Under the agreement, floating and ground mounted renewable energy projects will be developed in the state.

Global research and broking firm Jefferies has a 'buy' tag on the stock with target of Rs 195 per share, an upside of over 16 percent from current market price. It is of the view that re-rating drivers of operational efficiency improvements, capacity additions and right ESG noises are in place for NTPC.

Jefferies believes NTPC, with access to lowest cost funding within the sector and government return-focussed boards, are best placed to benefit from this opportunity, according to media reports.

At 11:10am, NTPC was quoting at Rs 167.65, up Rs 1.80, or 1.09 percent on the BSE. It has touched an intraday high of Rs 168.20 and an intraday low of Rs 165.75.


With agency inputs
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.​

Moneycontrol News
first published: Jan 17, 2023 11:32 am

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