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.

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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.

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