The country’s largest power producer NTPC is preparing to bring the IPO of its unit NTPC Renewable Energy. Through this IPO, the company will collect funds for itself.
NTPC’s target of 60 GW of renewable energy by 2032.
Public sector power company NTPC intends to list its unit NTPC Renewable Energy Limited (NTPC Renewable Energy). This will enable the company to raise funds for its ambitious target of installing 60 GW of renewable energy capacity by 2032. The top official of the company said this.
NTPC is the first energy company in the country to set its energy targets in line with the United Nations High Level Dialogue on Energy (HLDE). NTPC has set a target of installing 60 GW of renewable energy capacity by 2032. Speaking at the virtual summit of Bloomberg NEF (BNEF), Gurdeep Singh, Chairman and Managing Director, NTPC said, “We should not focus on just one way of raising funds. We are looking at raising funds publicly soon.”
The company will generate 7-8 gigawatts of renewable energy every year
Singh was referring to raising funds for NTPC’s ambitious renewable energy target. He said the company would add 7-8 GW of renewable energy capacity every year. This is not a very difficult task. He expressed hope that NTPC will exceed the target of installing 60 GW of renewable energy capacity by 2032. The company launched a new wholly owned subsidiary NTPC Renewable Energy Limited in October last year for the renewable energy business.
Net profit increased nearly two and a half times
Recently, the company has announced the results for the March quarter. The net profit of the company has increased by about 258 percent. The company has made a profit of 4479 crores in the March quarter. The company’s standalone net profit in March 2020 was Rs 1252 crore. Revenue declined by 2.5 per cent in the March quarter. The company’s revenue in this quarter was Rs 26567 crore, which was Rs 27247 crore in the March 2020 quarter.
Company gave dividend to investors
Apart from this, the company has also announced dividend for its investors. The Board of Directors has announced the final dividend of Rs 3.15 per share for the financial year 2020-21. Earlier in February 2021, the company had announced an interim dividend of Rs 3 per share.
This stock is near 52 week high
This week the company’s stock closed at Rs 117.60 level. The 52-week high is Rs 121 and the low is Rs 78.10. The stock has gained 8 per cent in a month. The stock has gained 12.36 percent in the last three months and 18.37 percent so far this year. The government’s stake in this company is 51.10 percent. After that, most domestic institutional investors hold 34.08 per cent. There has been no change in the promoters’ stake in this quarter.
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