Gujarat government has signed initial investment agreements worth Rs 7.17 trillion ($86.07 billion) with 58 companies operating in sectors such as energy, oil and gas, and chemicals, ahead of the Vibrant Gujarat Global Summit, which is scheduled to take place in the state capital Gandhinagar from Jan. 10 to Jan. 12 of 2024. Here are two such companies that have signed MoUs worth Rs 25,000 crores.
PSU stocks gained after signing an MoU worth more than Rs 25,000 crores
NHPC Ltd
NHPC shares gained around 1.8 percent on Thursday and touched a 52-week high price of Rs 68.71 apiece after the company signed an MoU with GPCL for the proposed investment of Rs 4,000 crore.
At 2:15 p.m, NHPC was quoting at Rs 68.38, up 1.30 percent on the National Stock Exchange. The company has a market capitalization of Rs 69,481 crore.
NHPC Limited has signed an MoU with GPCL (Gujarat Power Corporation Limited) during the Vibrant Gujarat Global Summit, 2024, for the proposed investment of Rs.4,000 crore in the Kuppa Pumped Storage Project (750 MW), Chhota Udaipur, Gujarat with the proposed year for commencement of investment as 2024-25.
In the last six months, stock has gained 50 percent and in a year stock has gained 73 percent.
The company’s revenue has declined by 13 percent yearly, from Rs 3,366 crore in Q2FY23 to Rs 2,931 crore in Q2FY24. In the same time frame, net profit has slightly increased by 0.6 percent from Rs 1,683 crore to Rs 1,693 crore.
The company allocated CAPEX of Rs. 4,095 Crore during Half Year FY ’24. The company’s Power stations achieved generation of 16,797 million units during the Half Year FY ’24, lower by about 8% due to lower water availability and intense rain and flood in some parts of Himachal Pradesh.
NHPC has received Rs. 5,065 Crore from beneficiaries against the sale of power during Half Year FY’24.
NHPC(National Hydroelectric Power Corporation) is a Mini Ratna category I public sector utility. The company is primarily engaged in the generation and sale of bulk power to various Power Utilities.
Also, the company is involved in the business of providing project management/construction contracts/ consultancy assignment services and trading power.
Power Finance Corporation Ltd
Power Finance Corporation Ltd shares gained around 4 percent on Thursday to Rs 409 apiece after the company signed an MoU with the Government of Gujarat.
At 2:25 p.m, Power Finance Corporation Ltd was quoting at Rs 405.90, up 3.27 percent on the National Stock Exchange. The company has a market capitalization of Rs 1,33,951 crores.
Power Finance Corporation Ltd (PFC) has signed an MoU with the Government of Gujarat (GoG), to provide comprehensive financial backing for the state’s generation, transmission, and distribution projects worth Rs 25,000 crore.
The agreement also focuses on the expansion of power infrastructure but also helps create employment generation of up to 10,000 in the state of Gujarat.As per reports.
Power Finance Corporation Ltd shares have gained a multibagger return of 128 percent in the last six months and 229 percent in a year. A shareholder investment of Rs 1 lakh in the company would be worth 2.28 lakhs in the last six months.
The company’s revenue has increased by 16 percent yearly, from Rs 19,336 crore in Q2FY23 to Rs 22,391 crore in Q2FY24. In the same time frame, net profit has slightly increased by 27 percent from Rs 5,229 crore to Rs 6,628 crore.
Power Finance Corporation (PFC) is a Maharatna category. The PFC is a financial organization that specializes in power sector finance, offering financial support to power projects in India such as power generation, transmission, and distribution.
Written by Omkar Chitnis
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