NTPC and BHEL Stocks Surge on Energy Project Announcement

Shares of NTPC and BHEL rose on Tuesday after Finance Minister Nirmala Sitharaman announced that the state-owned enterprises will set up 800 MW supercritical thermal power plants. NTPC saw a 2.36% gain, while BHEL shares increased by 0.80%. This rise contrasts with broader market declines.

Shares of NTPC and BHEL ended higher on Tuesday following an announcement by Finance Minister Nirmala Sitharaman. The state-owned enterprises, in a joint venture, will establish 800 MW supercritical thermal power plants featuring higher efficiency.

Post-announcement, NTPC stock rallied, climbing 2.36 percent to settle at Rs 382.35 per share on the BSE. During the day, it reached a high of 3.15 percent to Rs 385.35. BHEL shares also saw gains, ending 0.80 percent higher at Rs 307.35 after peaking at 3.47 percent to Rs 315.50 per piece during the day.

This positive performance for BHEL and NTPC stood in stark contrast to bearish broader market trends, with the 30-share BSE Sensex closing 73.04 points lower at 80,429.04 and the NSE Nifty declining 30.20 points to 24,479.05. Sitharaman also mentioned that the government will release a document outlining the energy transition pathway and will introduce a policy to support round-the-clock energy through pump storage projects while presenting the Budget for 2024-25 in the Lok Sabha.