BHEL, NTPC Shares Surge on Budget JV Announcement
Jul 23, 2024 13:38
Shares of BHEL and NTPC climbed over 3% after Finance Minister Nirmala Sitharaman announced a joint venture for 800 MW supercritical thermal power plants.
New Delhi, Jul 23 (PTI) Shares of BHEL and NTPC climbed over 3 per cent on Tuesday after Finance Minister Nirmala Sitharaman said that the state-owned enterprises in the joint venture will set up 800 MW supercritical thermal power plants with higher efficiency.
The stock of both the PSU firms rallied post the announcement.
Shares of BHEL jumped 3.47 per cent to Rs 315.50 apiece while NTPC went up by 3.15 per cent to Rs 385.35 each on the BSE.
Rally in BHEL and NTPC were in sharp contrast with bearish broader market trends.
The 30-share BSE Sensex quoted 511.21 points lower at 80,000.80, while the NSE Nifty declined 160.10 points to 24,349.15.
The government will come out with a document on the energy transition pathway, Sitharaman said on Tuesday.
A policy to support pump storage projects will be brought to provide round-the-clock energy, she said while presenting the Budget for 2024-25 in the Lok Sabha.
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