NHPC market cap near Rs 1 lakh crore after company signs MoU with Norwegian company

Shares of NHPC gained over 3 per cent in the morning deals on Thursday (May 2). The buying interest in the stock came after NHPC inked a Memorandum of Understanding (MoU) with Ocean Sun. 

The state-run power generation company through its twitter account said that the agreement between the two companies is for the technology of PV panels mounted on the hydro-elastic membrane. 

"NHPC has signed MOU with M/s Ocean Sun, Norway (technology provider to floating solar industry) to explore key areas of cooperation for demonstration of Ocean Sun’s floating solar energy technology mounted on a hydro-elastic membrane at relevant sites as identified by NHPC," the twitter post read. 

Ocean Sun is a Norway-based technology provider to the floating solar industry. NHPC also emphasised on exploring many options regarding cooperation in MoU. 

Further, PV panels will be installed on the land explored by NHPC.

As of 10:44 a.m., shares of NHPC traded 2.02 per cent higher at Rs 98.11 apiece on BSE. The stock rose for the eighth consecutive day and the company's market capitalisation at around the same time stood at Rs 98,551.84 crore. 

As per Zee Business research, after the MoU signing news, the market capitalisation of the company is close to Rs 1 lakh crore. Before this, the market capitalisation was more than Rs 1 lakh cr for some days between February 2 Feb to February 8. 

Furthermore, the market cap increased from Rs 89,000 crore to Rs 98,390 crore in the last seven days which implies an upside of 11 per cent.  

Earlier this year, the government sold about a 3.5 per cent stake in NHPC for Rs 69 per share.

NHPC share price: Past performance 

In a year, NHPC shares have gained over 119 per cent against Nifty50's rise of over 24 per cent. 

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.