NHPC‘s share price was upbeat on Thursday morning, going up over 1% to hit an intraday high of ₹95.90. The stock had closed around 1% lower on Wednesday.

What Happened: The jump comes as the Union Cabinet approved a revised scheme for hydroelectric projects, allocating a budget of ₹12,461 crore. The scheme aims to enhance hydropower infrastructure, particularly in the country’s hilly regions.

The scheme will be rolled out from the current fiscal year and will continue until 2032. It has a total generation capacity of 31,450 megawatts. The revised scheme expands budgetary support beyond roads and bridges to include infrastructures such as transmission lines, power houses, pooling points, ropeways, railway sidings and communication systems.

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Central assistance will also be extended for the reinforcement of existing roads and bridges that lead to these projects. The scheme will focus on hydropower projects with a capacity of more than 25 megawatts, including those in the private sector that have been awarded transparently, as per the government’s statement.

About 15,000 megawatts of pumped storage projects are also covered under this scheme. All PSPs awarded prior to June 30, 2028, will be eligible for budgetary support. The limit for budgetary support has been rationalised to ensure equitable distribution of funds.

The development comes on the heels of the company being granted the “Navratna” status. Late last month, NHPC announced that the Department of Public Enterprises (DPE), under the Ministry of Finance, has approved the proposal to grant Navratna Status to the company.

Earlier in the month, NHPC renewed a memorandum of understanding with the Department of Water Resources following a policy change.

Price Action: NHPC’s share price was up 1.08% to trade at ₹95.40 shortly after market open on Thursday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.