The company made this announcement during trading hours today, 11 September 2008.
Meanwhile, the BSE Sensex was down 296.44 points, or 2.02%, to 14,366.17. The market declined on weak global cues. Asian stocks fell today, 11 September 2008, after US investment bank Lehman Brothers on Wednesday, 10 September 2008, posted a record quarterly loss of $3.9 billion.
On BSE, 3.13 lakh shares were traded in the counter. The stock had an average daily volume of 17.21 lakh shares in the past one quarter.
The stock hit a high of Rs 177.70 and a low of Rs 175 so far during the day. The stock has a 52-week high of Rs 291 on 15 January 2008 and a 52-week low of Rs 148.75 on 27 June 2008.
The large-cap stock had underperformed the market over the past one month till 10 September 2008, declining 3.39% as compared to the Sensexs decline of 3.33%. It had outperformed the market in the past one quarter, gaining 10.37% as compared to the Sensexs decline of 1.52%.
The companys current equity is Rs 8245.46. Face value per share is Rs 2.
The current price of Rs 175.05 discounts Q1 June 2008 annualized EPS of Rs 8.38, by a PE multiple of 20.89.
The joint venture company is named as Nabinagar Power Generating Company.
Earlier this week, NTPC signed a memorandum of understanding with Swiss Agency for Development and Cooperation to formulate a long-term strategy for renewable energy projects.
In August 2008, NTPC signed a memorandum of understanding with NHPC, Power Finance Corporation and Tata Consultancy Services for incorporation of a joint venture company to set-up and operates a power exchange at national level.
In June 2008, NTPC signed a loan agreement of Rs 10000 crore with PFC to finance the expenditure of the company.
NTPC's net profit declined 27.1% to Rs 1,726.53 crore on 6.5% increase in net sales to Rs 9,539.47 crore in Q1 June 2008 over Q1 June 2007.
NTPCs core business is operation of power generating plants. It also provides consultancy in the area of power generation to companies in India and abroad.
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