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On Friday, NHPC’s share price fell for the second day in a row, trading at Rs 103.95 after a 1.33% drop. This decline follows a ten-day uptrend that saw the stock reach a 14-week high of Rs 108.70 on Wednesday. Despite this recent drop, the share price is still up by 5.77% this week and has gained 16.7% over the past three months, including today’s session.
For the quarter ending March 31, NHPC reported a profit of Rs 549.8 crore, which is a 16.3% decrease from the previous year. The company’s consolidated net revenue was Rs 18.8 billion, and it declared a dividend despite the profit decline.
NHPC is currently working on several major hydropower projects, which are expected to boost its performance in the future. One key project is the Subansiri Lower hydropower project, featuring eight units, each with a 250 MW capacity, totaling 2,000 MW. Three units are expected to be completed by March 2025, and the remaining five by May 2026. Another important project is the 800 MW Parbati II project in Himachal Pradesh, slated for completion in December 2024. With the Indian government aiming for renewable energy to meet 50% of the country’s needs by 2030, hydropower plays a crucial role in this transition.
Looking ahead to 2025, NHPC’s share price could pivot around Rs 80.55. If resistance holds at this level, the downside momentum may continue. Long-term support is expected to be above the 200-day moving average at Rs 71.10, and falling below this level could signal a bearish trend. On the other hand, if the stock breaks above Rs 80.55, it could gain some upward momentum, with potential for periodic corrections. A rise above Rs 92.40 could confirm positive momentum, making it a favorable level to buy. However, if resistance at Rs 103.15 persists, the downtrend may continue.