Shares of National Hydroelectric Power Corporation (NHPC) rallied by 6% on July 24 after the Arunachal Pradesh government approved for allotment of the Subansiri Upper HE Project (2000 MW) and Kamala HE Project (1800 MW) to the company.

NHPC had started the Subansiri Hydroelectric Power Corporation (NHPC) construction. The construction project was stalled due to agitations and protests from local stakeholders from December 2011 to October 2019. The construction resumed after receiving clearance from NGT on October 15, 2019.

Both projects were earlier allotted to private power developers.

The Subansiri Upper Project was awarded to KSK Energy Venture Ltd on March 18 2010, and the Kamala Project was awarded to Jindal Power Ltd on August 29 2009.

However, there was no visible progress in both the project and the power developers could not undertake significant pre-construction activities.

All eight units of Subansiri Lower are expected to be commissioned by December 2024.

At 3:30 pm, the shares of NHPC closed at Rs 49.90 or 4.17% above its previous close.

At 2:15 pm, the shares reached an intra-day high of Rs 51.30 apiece.