Hydropower PSU stock surges over 7% as company receives Brokering Agency's 'Outperform' Ratings

In the midst of a broader market slowdown, the value of shares of the state-owned National Hydroelectric Power Corporation has significantly increased. During intraday trading on Thursday, February 20, the company's shares surged by more than 5%.

This happened after the broking firm CLSA gave the business a favorable grade. The company's prospects seem to have benefited from the Hong Kong-based brokerage's strong conviction outperform recommendation.

It's noteworthy, though, that CLSA has drastically reduced the target price for the company's stock. The price objective of Rs 117 per share has been lowered from the prior one of Rs 120 per share.

The CLSA estimates that within the next four years, the stock price of the government-owned energy business may quadruple.

Read Also : BPCL's Ronak Johari Recognized as ET HR Emerging Leader Under-40

In contrast to its closing price of Rs 74.62 per share the day before, NHPC shares began the day higher at Rs 75.50. After that, the stock's value increased gradually.

As of now, the company's shares have risen by a total of 5.59 percent, or Rs 4.17. As a result, the total value of the NHPC shares was Rs 78.79 each.

This has contributed to the gains made by the company's shares during the last five trading days. The PSU's shares have increased by 5.83 percent, or Rs 4.34, over the last five trading days.

Given that the company's shares, which also account for the gains made in the last week, fell 1.65% in the previous month of trading, this appears to be a necessary boost.

Read Also : OIL Hosts Townhall Under Project 'SANTULAN' to Unveil Comprehensive Environment Strategy