After NTPC Renewable Energy Limited (REL), a subsidiary of NTPC Green Energy Limited (NGEL), won a sizable contract in an e-reverse auction held by the Solar Energy Corporation of India (SECI), shares of NGEL surged on Wednesday, December 11.
The price of NGEL’s shares increased by as much as 5.21% to 154.30 on the BSE, bringing it one step closer to its all-time high of 155.30 on November 4, 2024. The company’s trade turnover was ₹56.68 crore, and its market capitalization increased to ₹1.23 lakh crore.
On December 9, 2024, an auction was held to create 2,000 MW of solar PV power projects connected to the ISTS. NTPC REL was successful in bidding for 500 MW of solar electricity capacity as part of the project, with a tariff of ₹3.52 per kWh. The tender also requires the installation of Energy Storage Systems (ESS) with a 1,000 MW/4,000 MWh total capacity, of which NTPC REL must install 250 MW/1,000 MWh in connection with its solar power plants. We are presently awaiting SECI’s Letter of Award (LOA).
Since its initial public offering (IPO), NTPC Green Energy, which made its stock exchange debut on November 27, 2024, has demonstrated consistent performance. The initial public offering (IPO), which took place between November 19 and 22, garnered ₹10,000 crore by issuing 92.59 crore equity shares. The share price of the issuance ranged from ₹102 to ₹108. The stock debuted for ₹111.60 on the BSE, representing a premium of 3.33% over the issue price, and the IPO was subscribed 2.42 times.
The stock was up 1.64% at ₹149.05 on the BSE as of 10.50 am.
