NTPC, Tata Power trade in the green; here is why shares are in focus today

"On the occasion of the Rising Rajasthan Investor Meet in New Delhi, NGEL signed a Memorandum of Understanding (MoU) with the government of Rajasthan on September 30, 2024, for the development of 25 GW of renewable energy projects in the state of Rajasthan," a BSE filing said.

According to the filing, the MoU was exchanged between K S Sundaram, Director (Projects), NGEL, and Alok ACS (Energy) in the presence of the Chief Minister of Rajasthan.

The 10-year plan aims to support Rajasthan's transformation into a power surplus state, providing 24/7 clean, affordable, and reliable power supply.

Investments will be made in renewable energy projects and manufacturing, transmission, distribution, nuclear power, rooftop installations, and EV charging, a company statement said.

The MoU was signed during the 'Rising Rajasthan' Investor Meet in New Delhi on Monday.

An amount of ₹20,000 crore will be invested in the state transmission and distribution area to modernise the grid infrastructure, reduce energy losses, and improve power quality across the state.

Besides, ₹10,000 crore will be invested for transmission systems exploring opportunities to develop nuclear power plants.

NTPC shares have been hogging limelight of late as the arm NTPC Green Energy is likely to launch its IPO in the first week of November. The company aims to raise ₹10,000 crore. The initial share sale will be entirely a fresh issuance of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).