Shares of renewable energy stock NTPC Green Energy Ltd (NGEL), an umbrella company for NTPC’s green business initiatives, are in action even as the benchmark indices tumbled, tracking weak global cues as oil prices hovered around USD 100 per barrel. While Sensex tumbled 708.38 points to 75,326.04 in early trade and Nifty dropped 222.05 points to 23,417.10, the stock surged over 7 per cent. The stock started the trading session in the green at Rs 98.98 against the previous close of Rs 97.61 on the BSE. Amid a spurt in trading volume by more than 5.25 times, the stock touched the intraday high of Rs 104.75, representing a gain of 7.31 per cent from the previous close.
NTPC Green Continues Upward Trend
The stock has been gaining for the last two days and has risen 19.82 per cent in the period, and has outperformed the sector by 6.45 per cent. Technically, the stock is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
What’s behind the rally?
The rally in the stock comes as the escalating Middle East crisis has rattled broader markets and investor sentiment, leading to a shortage of commercial LPG cylinders in the country. The reason is that investors are now showing greater interest in renewable energy counters amid expectations of sustained growth in power generation and renewable energy.
NTPC share price history
According to BSE Analytics, the stock has yielded a return of 4.75 per cent in one year. On a year-to-date basis, the stock has gained 5.88 per cent, while the benchmark index has corrected by 11.81 per cent.
Adani Power share price
Meanwhile, Adani Power stock opened in the green at Rs 150.90, up from the previous close of Rs 149.10 on the BSE. It later touched a high of Rs 153.85 but fell amid profit bookin, touching a low of Rs 147.65.
JSW Energy share price
Shares of JSW Energy gained in early trade, opening at Rs 522 after closing at Rs 518.40. It later touched the high of Rs 530.05 before falling to the low of Rs 508.70.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
