NHPC shares continued to make gains for the fourth straight session on Monday morning.
What Happened: The surge today comes as brokerage firm Investec assigned a “buy” call on the stock in its sectoral research note on power utilities and engineering, procurement, and construction players.
The brokerage has a price target of ₹124 on the hydropower stock, indicating an around 20% upside from the stock’s last closing price of ₹103.82.
See Also: Titan’s Shares Sink 3% As Q1 Update Disappoints Brokerages, Investors
Last month, the company announced entering into a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200-megawatt solar power project. The financial implication of the project is estimated to be around ₹846.66 crore.
Shares of the company have been on a strong rally this year. Year to date, the stock has surged up over 59%. Apart from NHPC, the brokerage also issued “buy” calls on Inox Wind, Kalpataru Power and KEC International.
Price Action: NHPC’s share price was up 1.70% to trade at ₹105.58 shortly after the markets opened for trade on Monday.
Read Next: Brokerages Bullish On Bajaj Auto After Launch Of CNG Motorcycle
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.