📈 NHPC Share Price Surges on Thursday Trading 📈
State-run power producer NHPC’s shares were trading high on Thursday. In the early hours of the trading session, the company’s shares surged by 2.6% to reach an intraday high of ₹90.95.
The main reason behind the surge in NHPC’s share price is that the company’s board has approved a proposal to raise ₹6,100 crore in the financial year 2024-25.
On Thursday, 28th March 2024, NHPC’s share closed 0.51% higher at ₹89.30.
NHPC informed the stock exchange regulator SEBI on Wednesday that its board has approved the proposal to issue non-convertible corporate bonds in one or more tranches based on private placement and term loan to raise funds.
The company plans to raise an external commercial borrowing of ₹6,100 crore during the year 2024-25.
In addition, NHPC’s board of directors has approved a proposal to establish a joint venture with the Manipur government, called Loktak Downstream Hydroelectric Corporation Limited. The joint venture will work under the Ministry of Power, Government of India, and the Manipur government.
NHPC’s share relative strength index is at 54 points, indicating that the stock is not currently trading in the overbought or oversold zone. The stock has a beta of 1, showing high volatility.
If you look at the technical chart, you will see that NHPC stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving average levels.
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