NTPC Green Energy shares zoom 10% to hit record high; here's what analysts say

Shares of newly-listed NTPC Green Energy Ltd rose sharply to scale their all-time high levels in Tuesday’s trade. Last checked, the stock was locked at its upper circuit level of Rs 142.10. At this price, it has gained 31.57 per cent compared to an issue price of Rs 108.

Around 69.36 lakh shares were seen changing hands on BSE today. The figure was lower than the two-week average volume of 1.62 crore shares. Turnover on the counter came at Rs 96.30 crore, commanding a market capitalisation (m-cap) of Rs 1,19,738.14 crore. There were 12,30,290 buy orders against sell orders of nil shares.

On the technical front, support for NTPC Green’s stock could be seen in the Rs 133-137 range. And, near-term upside is capped in the Rs 150-160 zone. An analyst suggested to book profit at current levels.

“If anyone want to buy on an immediate basis, keep a stop loss placed at Rs 133 level for an upside move towards Rs 150-155. As the chart history is short, so one should play it accordingly,” Arpit Beriwal, Manager – Derivatives Analyst (Equity Research) at Motilal Oswal Financial Services, told Business Today TV.

“NTPC Green’s stock looked strong and can hit a potential upside target of Rs 160 level in the near term. Keep stop loss placed at Rs 135 for this trade,” said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

“The share price is bullish but also very overbought on daily charts with next resistance at Rs 152. Investors should be booking profits as a daily close below support of Rs 137 could lead to a downward target of Rs 121 in the near term,” said Sebi-registered research analyst AR Ramachandran.

NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes. The company, incorporated in April 2022, had an operational capacity of 3,071 MW from solar projects and 100 MW from wind projects across six states as of August 31, 2024.

The company is a wholly-owned subsidiary of state-run NTPC Ltd. As of September 2024, promoters held an 89.01 per cent stake in NTPC Green.