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NTPC Shares Gain On Signing MoU With L&T For Methanol Plants

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On Thursday, shares of public-sector company NTPC Limited, gained over 6 percent to Rs 100.60 after L&T Hydrocarbon Engineering signed an MoU (memorandum of understanding) with the company for CO2 to methanol plants.

NTPC Shares Gain On Signing MoU With L&T For Methanol Plants
 

Further, the power company said on Wednesday that it will reduce the cost of coal supplies at its Kudgi plant by using a newly constructed bridge. NTPC said that the transportation costs will be reduced to around Rs 200-500 per MT and transit time will fall by 8-15 hours. The move will bring down the cost of electricity generation, a company statement said.

The company is awaiting final approval from the South-Western Railway and will begin operations as soon as it gets clearance.

NTPC also reported a 5.9 percent fall in consolidated net profit at Rs 2,948.94 crore for the June ended quarter against Rs 3,132.73 crore in the same period a year ago.

Several brokerages have a buy rating on the stock. Morgan Stanley has an "overweight" rating on the stock with a target at Rs 138 per share and CLSA has a buy rating with a price target of Rs 140.

Read more about: ntpc
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