Shares of NHPC Limited were trading in the green and 2% higher on 4 January after the company announced signing an MoU with GPCL for the proposed investment of Rs 4,000 crore.

In its regulatory filing, the company said that they had signed an MoU (memorandum of understanding) with GPCL (Gujarat Power Corporation Limited) for a proposed investment of Rs 4,000 crore in the Kuppa Pumped Storage Project, which is a 750 megawatt pumped storage project that will be developed at a site in Chhota Udaipur, Gujarat with the proposed year for commencement of investment as 2024-25.

On 22 December, the Board of Directors of the company considered and approved the proposal to monetise future cash flow in regards to Kishanganga Power Station or any other Power Station(s) of the company for 8/10 years in a single tranche during the current fiscal year and beyond.

The company is one of the largest hydropower development organisations in the country and has operations in diverse fields, such as solar and wind energy development.

In its quarterly report for July-September, the company reported a marginal increase in its consolidated net profit to Rs 1,693 crore during the quarter from Rs 1,685.81 crore reported in the same quarter last year.

The company’s total income saw a dip to Rs 3,113.82 crore during the quarter under review from Rs 3,477.93 crore reported in the same quarter of the previous fiscal year.

At 10:56 am, the shares of NHPC were trading 0.82% higher at Rs 67.90 on NSE.