Shares of NTPC Ltd hit a 52-week high of Rs 359.95 on 5 March after the company entered into a joint venture (JV) agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited.

In its regulatory filing, the company said that the wholly-owned subsidiary, NTPC Green Energy Limited, has entered into a joint venture with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited to develop renewable power parks and projects in Uttar Pradesh.

The renewable energy generated from the proposed Joint Venture Company will fulfil the Renewable Generation Obligation set by the Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited.

Earlier, the Board of Directors of the company considered and approved the investment for the Singrauli Super Thermal Power Project, Stage-III (2×800 megawatt) at an appraised current estimated cost of Rs 17,195.31 crore.

The company is an energy company and has a strong presence in the entire value chain of the power generation business. NTPC is also in the business of generating electricity using gas, coal, hydro, liquid fuel, and other renewable sources, and also provides consultancy, project management, e-mobility solutions, and supervisions.

At 3:30 pm, the shares of NTPC closed 1.23% higher at Rs 358.20 on NSE.