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NTPC To Issue Unsecured Non-Convertible Debentures Of 40 Billion Rupees
May 7 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - TO ISSUE UNSECURED NON-CONVERTIBLE DEBENTURES OF 40 BILLION RUPEES
NTPC - NCD ISSUE VIA PRIVATE PLACEMENT AT COUPON OF 6.84% P.A. FOR 10 YRS TENOR
Source text: ID:nBSE6RhWr2
Further company coverage: NTPC.NS
(([email protected];))
May 7 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - TO ISSUE UNSECURED NON-CONVERTIBLE DEBENTURES OF 40 BILLION RUPEES
NTPC - NCD ISSUE VIA PRIVATE PLACEMENT AT COUPON OF 6.84% P.A. FOR 10 YRS TENOR
Source text: ID:nBSE6RhWr2
Further company coverage: NTPC.NS
(([email protected];))
India New Issue-NTPC to issue 10-year bonds, bankers say
MUMBAI, May 5 (Reuters) - India's NTPC NTPC.NS plans to raise 40 billion rupees ($473.8 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
NTPC did not immediately reply to a Reuters email seeking a comment.
Here is the list of deals reported so far on May 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NTPC | 10 years | To be decided | 7+33 | May 7 | AAA (Crisil, Icra, Care) |
Bajaj Finance April 2031 Reissue | 5 years 11 months and 11 days | To be decided | 2+10 | May 6 | AAA (Crisil) |
Bajaj Finance June 2030 Reissue | 5 years 1 month and 21 days | To be decided | 5+25 | May 6 | AAA (Crisil) |
Summit Digitel Infrastructure | 15 years | 7.31 (quarterly) | 14.75 | May 5 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 84.4175 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, May 5 (Reuters) - India's NTPC NTPC.NS plans to raise 40 billion rupees ($473.8 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
NTPC did not immediately reply to a Reuters email seeking a comment.
Here is the list of deals reported so far on May 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NTPC | 10 years | To be decided | 7+33 | May 7 | AAA (Crisil, Icra, Care) |
Bajaj Finance April 2031 Reissue | 5 years 11 months and 11 days | To be decided | 2+10 | May 6 | AAA (Crisil) |
Bajaj Finance June 2030 Reissue | 5 years 1 month and 21 days | To be decided | 5+25 | May 6 | AAA (Crisil) |
Summit Digitel Infrastructure | 15 years | 7.31 (quarterly) | 14.75 | May 5 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 84.4175 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
India's Adani Power fourth-quarter profit falls on lower tariffs, higher costs
April 30 (Reuters) - Indian thermal power firm Adani Power ADAN.NS reported a 5% fall in fourth-quarter profit on Wednesday, hurt by lower tariff realisations and higher operating costs.
The company, part of the billionaire Gautam Adani-led Adani Group, said its consolidated profit fell to 25.99 billion rupees ($307.2 million) in the three months ended March 31 from 27.37 billion rupees a year earlier.
Its power sale volumes rose 18.9% year-on-year in the quarter, but revenue grew a modest 6.5% to 142.37 billion rupees due to weaker merchant tariffs.
The company said the supply of power outpaced demand, leading to a fall in merchant tariffs during the quarter, which resulted in lower realisations.
Merchant tariffs refer to the price at which electricity is sold in the open market.
Adani Power did not disclose the extent to which merchant tariffs fell during the quarter compared to a year earlier.
The company also said that it faced higher operating expenses during the quarter due to three newly acquired plants in the September quarter last year.
Adani Power's total expenses rose 9.2% for the fourth quarter.
Peers NTPC NTPC.NS and JSW Energy JSWE.NS are yet to report their quarterly results.
Adani Power's shares settled 3% lower after the results.
($1 = 84.6170 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 7982114624;))
April 30 (Reuters) - Indian thermal power firm Adani Power ADAN.NS reported a 5% fall in fourth-quarter profit on Wednesday, hurt by lower tariff realisations and higher operating costs.
The company, part of the billionaire Gautam Adani-led Adani Group, said its consolidated profit fell to 25.99 billion rupees ($307.2 million) in the three months ended March 31 from 27.37 billion rupees a year earlier.
Its power sale volumes rose 18.9% year-on-year in the quarter, but revenue grew a modest 6.5% to 142.37 billion rupees due to weaker merchant tariffs.
The company said the supply of power outpaced demand, leading to a fall in merchant tariffs during the quarter, which resulted in lower realisations.
Merchant tariffs refer to the price at which electricity is sold in the open market.
Adani Power did not disclose the extent to which merchant tariffs fell during the quarter compared to a year earlier.
The company also said that it faced higher operating expenses during the quarter due to three newly acquired plants in the September quarter last year.
Adani Power's total expenses rose 9.2% for the fourth quarter.
Peers NTPC NTPC.NS and JSW Energy JSWE.NS are yet to report their quarterly results.
Adani Power's shares settled 3% lower after the results.
($1 = 84.6170 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 7982114624;))
EXCLUSIVE-India plans to ease nuclear liability laws to attract foreign firms, sources say
India plans to ease nuclear liability laws to attract foreign firms, sources say
Proposes amendments to allay suppliers' fears of unlimited liability, they say
Aims to attract U.S. nuclear firms to boost nuclear power capacity to 100 GW by 2047
By Sarita Chaganti Singh
NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.
The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.
A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.
India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.
"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.
"A liability cap will allay the major concern of the suppliers of nuclear reactors."
The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.
New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.
Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.
Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.
Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.
Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.
LAW GREW OUT OF BHOPAL DISASTER
India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.
Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.
The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.
It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.
The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.
India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.
Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.
($1 = 85.6320 Indian rupees)
(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)
(([email protected];))
India plans to ease nuclear liability laws to attract foreign firms, sources say
Proposes amendments to allay suppliers' fears of unlimited liability, they say
Aims to attract U.S. nuclear firms to boost nuclear power capacity to 100 GW by 2047
By Sarita Chaganti Singh
NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.
The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.
A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.
India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.
"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.
"A liability cap will allay the major concern of the suppliers of nuclear reactors."
The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.
New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.
Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.
Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.
Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.
Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.
LAW GREW OUT OF BHOPAL DISASTER
India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.
Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.
The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.
It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.
The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.
India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.
Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.
($1 = 85.6320 Indian rupees)
(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)
(([email protected];))
India's Tata Power gains on NTPC deal for 45 bln-rupee energy project
** Shares of Tata Power Company TTPW.NS rises 3.9% to 379 rupees, their biggest one-day gain in 3 months
** Stock among top pct gainers in the Nifty energy index .NIFTYENR, which is up 1.5%
** Integrated power co's unit signs pact with NTPC Limited NTPC.NS to develop a 200 MW renewable energy project
** Project valued at 45 billion rupees ($525.06 million); to be completed within 24 months
** Avg of analysts' rating on stock is "hold;" median PT is 423 rupees - data compiled by LSEG
** Stock down 4% YTD vs 6.5% fall in Nifty energy index
** NTPC last up 1.4%
($1 = 85.7050 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru)
** Shares of Tata Power Company TTPW.NS rises 3.9% to 379 rupees, their biggest one-day gain in 3 months
** Stock among top pct gainers in the Nifty energy index .NIFTYENR, which is up 1.5%
** Integrated power co's unit signs pact with NTPC Limited NTPC.NS to develop a 200 MW renewable energy project
** Project valued at 45 billion rupees ($525.06 million); to be completed within 24 months
** Avg of analysts' rating on stock is "hold;" median PT is 423 rupees - data compiled by LSEG
** Stock down 4% YTD vs 6.5% fall in Nifty energy index
** NTPC last up 1.4%
($1 = 85.7050 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru)
India's NTPC aims to build small nuclear reactors to replace old coal plants
By Sethuraman N R
April 8 (Reuters) - India's NTPC NTPC.NS is exploring the possibility of building small modular reactors to replace its older thermal power plants, according to a tender document, the first such proposal since the country moved to open its much-guarded nuclear sector.
The state-run company, India's top power producer, has called for consultants to run feasibility tests for small modular reactors (SMR), which have simpler designs than large nuclear plants and can be scaled up to meet demand.
NTPC mainly runs coal-fired plants and wants to identify ones that can be retired in the next five years, preferably replaced by SMRs, according to the tender on Monday.
Reuters had reported in February that the company was in talks with foreign firms, including those from Russia and the U.S., to build SMRs. Its current capacity, including through its joint ventures, is about 63 gigawatts (GW) of coal power.
In early February, India said it would amend its nuclear liability law to boost foreign and private investments, aiming for at least 100 GW of nuclear capacity by 2047 from about 8 GW now, all of which is operated by state-run Nuclear Power Corp of India.
While companies such as Tata Power TTPW.NS have expressed interest in building SMRs, NTPC is the first to issue a tender.
NTPC also plans to build large nuclear reactors with about 15 GW combined capacity. It has started work on two 2.6 GW plants.
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sethuraman N R
April 8 (Reuters) - India's NTPC NTPC.NS is exploring the possibility of building small modular reactors to replace its older thermal power plants, according to a tender document, the first such proposal since the country moved to open its much-guarded nuclear sector.
The state-run company, India's top power producer, has called for consultants to run feasibility tests for small modular reactors (SMR), which have simpler designs than large nuclear plants and can be scaled up to meet demand.
NTPC mainly runs coal-fired plants and wants to identify ones that can be retired in the next five years, preferably replaced by SMRs, according to the tender on Monday.
Reuters had reported in February that the company was in talks with foreign firms, including those from Russia and the U.S., to build SMRs. Its current capacity, including through its joint ventures, is about 63 gigawatts (GW) of coal power.
In early February, India said it would amend its nuclear liability law to boost foreign and private investments, aiming for at least 100 GW of nuclear capacity by 2047 from about 8 GW now, all of which is operated by state-run Nuclear Power Corp of India.
While companies such as Tata Power TTPW.NS have expressed interest in building SMRs, NTPC is the first to issue a tender.
NTPC also plans to build large nuclear reactors with about 15 GW combined capacity. It has started work on two 2.6 GW plants.
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India, UAE to develop Sri Lanka energy hub as Delhi competes with China for influence
By Uditha Jayasinghe and Shivam Patel
COLOMBO/NEW DELHI, April 5 (Reuters) - India and the United Arab Emirates agreed to develop an energy hub in Sri Lanka, India's foreign ministry said on Saturday, as New Delhi's competition with China grows in the Indian Ocean island nation.
The three nations signed the pact for the hub during Indian Prime Minister Narendra Modi's visit to Sri Lanka, the first by a global leader since Sri Lankan President Anura Kumara Dissanayake took office in September.
New Delhi and Colombo have worked to deepen ties as India's southern neighbour recovers from a severe financial crisis triggered in 2022, during which India provided $4 billion in financial assistance.
Saturday's agreement boosts New Delhi's competition with China, whose state energy firm Sinopec (600028.SS) has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota.
The energy hub in the strategically important city of Trincomalee, a natural harbour in the Sri Lanka's east, will involve construction of a multi-product pipeline and may include using a World War Two tank farm partly held by the Sri Lankan subsidiary of Indian Oil Corp IOC.NS, Indian Foreign Secretary Vikram Misri told reporters in Colombo.
"The UAE is a strategic partner for India in the energy space and therefore was an ideal partner for this exercise that is being done for the first time in the region," Misri said. "The exact contours of UAE's role will be elaborated once the business to business discussions kick off."
The three nations will next choose business entities that will consider the financing and feasibility of projects for the hub, he said.
Modi also inaugurated a $100 million solar power project, a joint venture between Ceylon Electricity Board and India's National Thermal Power Corp NTPC.NS.
India and Sri Lanka also concluded their debt restructuring process, Foreign Secretary Misri said. Sri Lanka owes about $1.36 billion in loans to EXIM Bank of India and State Bank of India, according to Sri Lanka Finance Ministry data.
Colombo kicked off debt restructuring talks after it defaulted on its debt in May 2022, signing a preliminary deal with bilateral creditors Japan, India and China last June.
India and Sri Lanka also signed pacts on power grid connectivity, digitalisation, security and healthcare.
(Reporting by Uditha Jayasinghe in Colombo and Shivam Patel in New Delhi; Editing by William Mallard)
(([email protected];))
By Uditha Jayasinghe and Shivam Patel
COLOMBO/NEW DELHI, April 5 (Reuters) - India and the United Arab Emirates agreed to develop an energy hub in Sri Lanka, India's foreign ministry said on Saturday, as New Delhi's competition with China grows in the Indian Ocean island nation.
The three nations signed the pact for the hub during Indian Prime Minister Narendra Modi's visit to Sri Lanka, the first by a global leader since Sri Lankan President Anura Kumara Dissanayake took office in September.
New Delhi and Colombo have worked to deepen ties as India's southern neighbour recovers from a severe financial crisis triggered in 2022, during which India provided $4 billion in financial assistance.
Saturday's agreement boosts New Delhi's competition with China, whose state energy firm Sinopec (600028.SS) has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota.
The energy hub in the strategically important city of Trincomalee, a natural harbour in the Sri Lanka's east, will involve construction of a multi-product pipeline and may include using a World War Two tank farm partly held by the Sri Lankan subsidiary of Indian Oil Corp IOC.NS, Indian Foreign Secretary Vikram Misri told reporters in Colombo.
"The UAE is a strategic partner for India in the energy space and therefore was an ideal partner for this exercise that is being done for the first time in the region," Misri said. "The exact contours of UAE's role will be elaborated once the business to business discussions kick off."
The three nations will next choose business entities that will consider the financing and feasibility of projects for the hub, he said.
Modi also inaugurated a $100 million solar power project, a joint venture between Ceylon Electricity Board and India's National Thermal Power Corp NTPC.NS.
India and Sri Lanka also concluded their debt restructuring process, Foreign Secretary Misri said. Sri Lanka owes about $1.36 billion in loans to EXIM Bank of India and State Bank of India, according to Sri Lanka Finance Ministry data.
Colombo kicked off debt restructuring talks after it defaulted on its debt in May 2022, signing a preliminary deal with bilateral creditors Japan, India and China last June.
India and Sri Lanka also signed pacts on power grid connectivity, digitalisation, security and healthcare.
(Reporting by Uditha Jayasinghe in Colombo and Shivam Patel in New Delhi; Editing by William Mallard)
(([email protected];))
India's Modi aims for stronger energy, defence ties with Sri Lanka visit
By Shivam Patel and Uditha Jayasinghe
NEW DELHI, April 4 (Reuters) - India is looking to strengthen energy and defence ties with Sri Lanka and promote investments during Prime Minister Narendra Modi's two-day state visit to the island nation, where New Delhi competes with China for greater influence.
Modi, set to arrive on Friday evening, will be the first global leader hosted by Sri Lankan President Anura Kumara Dissanayake after he took office in September.
Sri Lanka is keen to attract foreign investment to stabilise its economy after a financial crisis in 2022, during which India provided $4 billion in financial assistance.
India is also one of Sri Lanka's key bilateral lenders, which agreed to restructure about $1.36 billion in loans after the island nation defaulted on its debt in May 2022.
"Prime Minister Modi’s visit aims to strengthen the longstanding ties between Sri Lanka and India," the Sri Lankan president's office said in a statement.
The visit will see pacts signed on key sectors such as energy, digitalisation, security, healthcare, as well as agreements related to India’s debt restructuring assistance for Sri Lanka, it added.
At their first meeting in New Delhi in December, the leaders discussed investments in Sri Lanka and plans for India to supply liquefied natural gas to Sri Lanka and help link power grids.
The talks also featured development of a regional energy and industrial hub in eastern Trincomalee. In January, Dissanayake said the two were in talks on building an oil refinery there as a joint venture focusing on exports, domestic media said.
When completed, the project would stoke competition between India and China, whose state energy firm Sinopec 600028.SS has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota.
New Delhi-run Indian Oil Corp is already the second biggest fuel supplier after state-owned Ceylon Petroleum Corp.
India's foreign ministry did not comment on whether the proposed Trincomalee refinery will figure in this week's talks.
It told reporters in a briefing ahead of the visit that Modi would join in a ceremony to break ground for a 120-megawatt solar power project of the Ceylon Electricity Board and India's National Thermal Power Corporation NTPC.NS.
The ministry said it hoped to wrap up an agreement on defence cooperation with Sri Lanka. December's discussions had envisioned provision of arms to Sri Lanka to boost its defence capability.
(Reporting by Shivam Patel in New Delhi; Editing by Clarence Fernandez)
(([email protected];))
By Shivam Patel and Uditha Jayasinghe
NEW DELHI, April 4 (Reuters) - India is looking to strengthen energy and defence ties with Sri Lanka and promote investments during Prime Minister Narendra Modi's two-day state visit to the island nation, where New Delhi competes with China for greater influence.
Modi, set to arrive on Friday evening, will be the first global leader hosted by Sri Lankan President Anura Kumara Dissanayake after he took office in September.
Sri Lanka is keen to attract foreign investment to stabilise its economy after a financial crisis in 2022, during which India provided $4 billion in financial assistance.
India is also one of Sri Lanka's key bilateral lenders, which agreed to restructure about $1.36 billion in loans after the island nation defaulted on its debt in May 2022.
"Prime Minister Modi’s visit aims to strengthen the longstanding ties between Sri Lanka and India," the Sri Lankan president's office said in a statement.
The visit will see pacts signed on key sectors such as energy, digitalisation, security, healthcare, as well as agreements related to India’s debt restructuring assistance for Sri Lanka, it added.
At their first meeting in New Delhi in December, the leaders discussed investments in Sri Lanka and plans for India to supply liquefied natural gas to Sri Lanka and help link power grids.
The talks also featured development of a regional energy and industrial hub in eastern Trincomalee. In January, Dissanayake said the two were in talks on building an oil refinery there as a joint venture focusing on exports, domestic media said.
When completed, the project would stoke competition between India and China, whose state energy firm Sinopec 600028.SS has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota.
New Delhi-run Indian Oil Corp is already the second biggest fuel supplier after state-owned Ceylon Petroleum Corp.
India's foreign ministry did not comment on whether the proposed Trincomalee refinery will figure in this week's talks.
It told reporters in a briefing ahead of the visit that Modi would join in a ceremony to break ground for a 120-megawatt solar power project of the Ceylon Electricity Board and India's National Thermal Power Corporation NTPC.NS.
The ministry said it hoped to wrap up an agreement on defence cooperation with Sri Lanka. December's discussions had envisioned provision of arms to Sri Lanka to boost its defence capability.
(Reporting by Shivam Patel in New Delhi; Editing by Clarence Fernandez)
(([email protected];))
GE Power India Receives Order From NTPC
April 2 (Reuters) - Ge Power India Ltd GEPO.NS:
RECEIVES 382 MILLION RUPEES ORDER FROM NTPC
Source text: ID:nBSE3qfmY9
Further company coverage: GEPO.NS
(([email protected];;))
April 2 (Reuters) - Ge Power India Ltd GEPO.NS:
RECEIVES 382 MILLION RUPEES ORDER FROM NTPC
Source text: ID:nBSE3qfmY9
Further company coverage: GEPO.NS
(([email protected];;))
NTPC Says Acquisition Of Ayana Renewable Power By ONGC NTPC Green
March 28 (Reuters) - NTPC Ltd NTPC.NS:
ACQUISITION OF AYANA RENEWABLE POWER BY ONGC NTPC GREEN
TOTAL CAPACITY OF NTPC ON GROUP BASIS HAS NOW BECOME 79,930 MW
Source text: [ID:]
Further company coverage: NTPC.NS
(([email protected];;))
March 28 (Reuters) - NTPC Ltd NTPC.NS:
ACQUISITION OF AYANA RENEWABLE POWER BY ONGC NTPC GREEN
TOTAL CAPACITY OF NTPC ON GROUP BASIS HAS NOW BECOME 79,930 MW
Source text: [ID:]
Further company coverage: NTPC.NS
(([email protected];;))
J.P.Morgan starts coverage of India's NTPC, Power Grid with 'overweight'
** India's low per-capita power consumption, urbanization and industrial growth will lead to a power demand CAGR of 5%-6% over the next decade, says J.P.Morgan
** Initiates coverage of NTPC NTPC.NS and Power Grid PGRD.NS at "overweight"
** Starts Tata Power TTPW.NS and Torrent Power TOPO.NS at "neutral" and JSW Energy JSWE.NS at "underweight"
** Says correction over the past six months reduced the froth in the valuations, but still finds private companies in power sector expensive
** Expects NTPC and Power Grid shares to gain 13.6% and 8.6%, respectively, over the next 12 months
** Estimates Tata Power and Torrent Power to trade largely flat and sees JSW Energy drop 10% in the next 12 months
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** India's low per-capita power consumption, urbanization and industrial growth will lead to a power demand CAGR of 5%-6% over the next decade, says J.P.Morgan
** Initiates coverage of NTPC NTPC.NS and Power Grid PGRD.NS at "overweight"
** Starts Tata Power TTPW.NS and Torrent Power TOPO.NS at "neutral" and JSW Energy JSWE.NS at "underweight"
** Says correction over the past six months reduced the froth in the valuations, but still finds private companies in power sector expensive
** Expects NTPC and Power Grid shares to gain 13.6% and 8.6%, respectively, over the next 12 months
** Estimates Tata Power and Torrent Power to trade largely flat and sees JSW Energy drop 10% in the next 12 months
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
NTPC Declares Commercial Operation Of Kerandari Coal Mining Project
March 24 (Reuters) - NTPC Ltd NTPC.NS:
DECLARATION OF COMMERCIAL OPERATION OF KERANDARI COAL MINING PROJECT
COMMERCIAL OPERATION OF KERANDARI COAL MINING PROJECT DECLARED WITH EFFECT FROM APRIL 1
Source text: ID:nBSE8hBVbV
Further company coverage: NTPC.NS
(([email protected];))
March 24 (Reuters) - NTPC Ltd NTPC.NS:
DECLARATION OF COMMERCIAL OPERATION OF KERANDARI COAL MINING PROJECT
COMMERCIAL OPERATION OF KERANDARI COAL MINING PROJECT DECLARED WITH EFFECT FROM APRIL 1
Source text: ID:nBSE8hBVbV
Further company coverage: NTPC.NS
(([email protected];))
NTPC To Issue Unsecured Non-Convertible Debentures Of 40 Billion Rupees
March 18 (Reuters) - NTPC Ltd NTPC.NS:
TO ISSUE UNSECURED NON-CONVERTIBLE DEBENTURES OF 40 BILLION RUPEES
Source text: [ID:]
Further company coverage: NTPC.NS
(([email protected];;))
March 18 (Reuters) - NTPC Ltd NTPC.NS:
TO ISSUE UNSECURED NON-CONVERTIBLE DEBENTURES OF 40 BILLION RUPEES
Source text: [ID:]
Further company coverage: NTPC.NS
(([email protected];;))
Investor appetite to face litmus test amid $3 billion Indian debt supply
By Dharamraj Dhutia
MUMBAI, March 17 (Reuters) - Indian investor appetite is set to be tested in the run-up to the end of the financial year as companies line up $3 billion of bond issuances over two days, adding to an already heavy pipeline of debt.
State-run firms, including REC RECM.NS, NTPC NTPC.NS and Canara Bank CNBK.NS, are set to raise 140 billion rupees ($1.61 billion) on Monday and Tuesday, while non-banking financial companies (NBFC) may issue much as 164 billion rupees, above the threshold of 100 billion rupees per week.
India's financial year runs from April to March.
"The supply overhang remains significant, with a heavy pipeline of state development loans crowding the market, said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.
"Credit spreads may face pressure as institutional investors push back on pricing, demanding a higher premium to compensate for the liquidity crunch and supply glut," he added.
Indian states will raise over 401 billion rupees through a debt sale on Tuesday, followed by 540 billion rupees of issuances next week, as per schedule.
The supply is unlikely to be fully absorbed and yields on these bonds are expected to rise further, traders have said, especially as banking system liquidity remains in a deficit, which could widen amid tax outflows this week.
The deficit was around 2 trillion rupees, as of March 16, with the shortfall persisting for the last three months.
Corporate bond issuances had moderated due to a liquidity crunch but the central bank's liquidity measures have helped NBFCs - which have been under pressure for the last few months - to raise capital from the debt market, said Suresh Darak, founder of Bondbazaar, an online bond trading platform.
He anticipates limited impact on high-rated corporate bonds.
"Given that most provident and pension funds have likely exhausted their allocations for the fiscal year, the absorption capacity for this supply could be constrained," Rockfort Fincap's Srinivasan said.
He expects that NBFCs with aggressive loan book growth may be forced to price their bonds at a modest concession to ensure full subscription, and of the total supply, around 200 billion rupees of debt could find takers.
Companies | Quantum in billion rupees including greenshoe option |
REC | 60 |
Canara Bank | 40 |
NTPC | 40 |
Aditya Birla Finance | 62.50 |
LIC Housing Finance | 40 |
Tata Capital | 16 |
Can Fin Homes | 16 |
Muthoot Finance | 15 |
NIIF Infra Finance | 7.50 |
Hinduja Leyland Finance | 7 |
($1 = 86.8350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, March 17 (Reuters) - Indian investor appetite is set to be tested in the run-up to the end of the financial year as companies line up $3 billion of bond issuances over two days, adding to an already heavy pipeline of debt.
State-run firms, including REC RECM.NS, NTPC NTPC.NS and Canara Bank CNBK.NS, are set to raise 140 billion rupees ($1.61 billion) on Monday and Tuesday, while non-banking financial companies (NBFC) may issue much as 164 billion rupees, above the threshold of 100 billion rupees per week.
India's financial year runs from April to March.
"The supply overhang remains significant, with a heavy pipeline of state development loans crowding the market, said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.
"Credit spreads may face pressure as institutional investors push back on pricing, demanding a higher premium to compensate for the liquidity crunch and supply glut," he added.
Indian states will raise over 401 billion rupees through a debt sale on Tuesday, followed by 540 billion rupees of issuances next week, as per schedule.
The supply is unlikely to be fully absorbed and yields on these bonds are expected to rise further, traders have said, especially as banking system liquidity remains in a deficit, which could widen amid tax outflows this week.
The deficit was around 2 trillion rupees, as of March 16, with the shortfall persisting for the last three months.
Corporate bond issuances had moderated due to a liquidity crunch but the central bank's liquidity measures have helped NBFCs - which have been under pressure for the last few months - to raise capital from the debt market, said Suresh Darak, founder of Bondbazaar, an online bond trading platform.
He anticipates limited impact on high-rated corporate bonds.
"Given that most provident and pension funds have likely exhausted their allocations for the fiscal year, the absorption capacity for this supply could be constrained," Rockfort Fincap's Srinivasan said.
He expects that NBFCs with aggressive loan book growth may be forced to price their bonds at a modest concession to ensure full subscription, and of the total supply, around 200 billion rupees of debt could find takers.
Companies | Quantum in billion rupees including greenshoe option |
REC | 60 |
Canara Bank | 40 |
NTPC | 40 |
Aditya Birla Finance | 62.50 |
LIC Housing Finance | 40 |
Tata Capital | 16 |
Can Fin Homes | 16 |
Muthoot Finance | 15 |
NIIF Infra Finance | 7.50 |
Hinduja Leyland Finance | 7 |
($1 = 86.8350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
India New Issue-NTPC to issue 15-year bonds, bankers say
MUMBAI, March 12 (Reuters) - India's NTPC NTPC.NS plans to raise 40 billion rupees ($458.36 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 15 years, three bankers said.
It has invited coupon and commitment bids for the issue on Tuesday, they said.
This would be the first bond issuance of the company in the current financial year.
The company did not immediately reply to Reuters email seeking a comment.
Here is the list of deals reported so far on March 12
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NTPC | 15 years | To be decided | 40 | March 18 | AAA (Crisil, Icra, Care) |
REC | 3 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.2680 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
MUMBAI, March 12 (Reuters) - India's NTPC NTPC.NS plans to raise 40 billion rupees ($458.36 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 15 years, three bankers said.
It has invited coupon and commitment bids for the issue on Tuesday, they said.
This would be the first bond issuance of the company in the current financial year.
The company did not immediately reply to Reuters email seeking a comment.
Here is the list of deals reported so far on March 12
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NTPC | 15 years | To be decided | 40 | March 18 | AAA (Crisil, Icra, Care) |
REC | 3 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.2680 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
India Competition Regulator Approves Proposed Combination Involving Acquisition Of Ayana Renewable Power By ONGC NTPC Green
March 11 (Reuters) - NTPC Ltd NTPC.NS:
INDIA COMPETITION REGULATOR- APPROVES PROPOSED COMBINATION INVOLVING ACQUISITION OF AYANA RENEWABLE POWER BY ONGC NTPC GREEN
Source text: [ID:]
Further company coverage: NTPC.NS
(([email protected];;))
March 11 (Reuters) - NTPC Ltd NTPC.NS:
INDIA COMPETITION REGULATOR- APPROVES PROPOSED COMBINATION INVOLVING ACQUISITION OF AYANA RENEWABLE POWER BY ONGC NTPC GREEN
Source text: [ID:]
Further company coverage: NTPC.NS
(([email protected];;))
Ntpc Got Order From Deputy Commissioner Of State Tax Maharashtra
Feb 26 (Reuters) - NTPC Ltd NTPC.NS:
GOT ORDER FROM DEPUTY COMMISSIONER OF STATE TAX MAHARASHTRA
Source text: ID:nBSEbJp7Rw
Further company coverage: NTPC.NS
(([email protected];))
Feb 26 (Reuters) - NTPC Ltd NTPC.NS:
GOT ORDER FROM DEPUTY COMMISSIONER OF STATE TAX MAHARASHTRA
Source text: ID:nBSEbJp7Rw
Further company coverage: NTPC.NS
(([email protected];))
India's NTPC plans to invest more than $23 billion on renewable energy in Madhya Pradesh
Feb 24 (Reuters) - Indian state power company NTPC NTPC.NS will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday.
The announcement adds to the several renewable energy investments the company plans to make over the next couple of decades amid India's push to move away from fossil fuels.
The company and its unit NTPC Green Energy NTPG.NS signed agreements with the state government for the investments covering projects based on solar, wind, pump hydro and other carbon neutral sources. Time period for the investments were not given.
One of the projects was to set up capacity of up to 20 gigawatts for 1.2 trillion rupees of investment.
The company will invest the remaining amount in setting up 800 megawatts of pumped hydroelectric storage project and other sustainable non-fossil fuel power plants in the state.
Separately, Adani Group on Monday also announced investments worth 1.1 trillion rupees in the state in hydroelectric power storage, cement, mining, smart meters, and thermal energy.
The group is also in talks with the state government to invest another 1 trillion rupees for a smart city, an airport and a coal gasification project.
($1 = 86.6820 Indian rupees)
(Reporting by Ananta Agarwal and Yagnoseni Das in Bengaluru; Editing by Leroy Leo)
(([email protected];))
Feb 24 (Reuters) - Indian state power company NTPC NTPC.NS will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday.
The announcement adds to the several renewable energy investments the company plans to make over the next couple of decades amid India's push to move away from fossil fuels.
The company and its unit NTPC Green Energy NTPG.NS signed agreements with the state government for the investments covering projects based on solar, wind, pump hydro and other carbon neutral sources. Time period for the investments were not given.
One of the projects was to set up capacity of up to 20 gigawatts for 1.2 trillion rupees of investment.
The company will invest the remaining amount in setting up 800 megawatts of pumped hydroelectric storage project and other sustainable non-fossil fuel power plants in the state.
Separately, Adani Group on Monday also announced investments worth 1.1 trillion rupees in the state in hydroelectric power storage, cement, mining, smart meters, and thermal energy.
The group is also in talks with the state government to invest another 1 trillion rupees for a smart city, an airport and a coal gasification project.
($1 = 86.6820 Indian rupees)
(Reporting by Ananta Agarwal and Yagnoseni Das in Bengaluru; Editing by Leroy Leo)
(([email protected];))
Coal India and France's EDF to form renewables joint venture
Adds detail, paragraphs 4,5
NEW DELHI, Feb 23 (Reuters) - India's state-run Coal India COAL.NS will establish a joint venture with an arm of France's EDF to build renewable power plants in South Asian countries, it said on Sunday.
The joint venture between Coal India and EDF India, will set up pumped-storage hydropower projects and other renewable energy projects in India and neighbouring countries, Coal India said in a stock exchange announcement.
The two companies have signed a non-binding shareholders agreement to form the joint venture, it said.
EDF also signed a joint venture agreement with state-run Indian power company NTPC NTPC.NS to set up hydropower projects and explore opportunities in power distribution, an NTPC statement said.
The 50-50 joint venture will set up projects within India and neighbouring countries, the statement said.
(Reporting by Sarita Chaganti Singh
Editing by Tom Hogue and David Goodman)
(([email protected];))
Adds detail, paragraphs 4,5
NEW DELHI, Feb 23 (Reuters) - India's state-run Coal India COAL.NS will establish a joint venture with an arm of France's EDF to build renewable power plants in South Asian countries, it said on Sunday.
The joint venture between Coal India and EDF India, will set up pumped-storage hydropower projects and other renewable energy projects in India and neighbouring countries, Coal India said in a stock exchange announcement.
The two companies have signed a non-binding shareholders agreement to form the joint venture, it said.
EDF also signed a joint venture agreement with state-run Indian power company NTPC NTPC.NS to set up hydropower projects and explore opportunities in power distribution, an NTPC statement said.
The 50-50 joint venture will set up projects within India and neighbouring countries, the statement said.
(Reporting by Sarita Chaganti Singh
Editing by Tom Hogue and David Goodman)
(([email protected];))
Sri Lanka Cabinet Spokesperson: Cabinet Approval To Set Up Two Solar Power Plants In Sampur With National Thermal Power Corporation Of India
Feb 20 (Reuters) -
SRI LANKA CABINET SPOKESPERSON: CABINET APPROVAL TO SET UP TWO SOLAR POWER PLANTS IN SAMPUR WITH NATIONAL THERMAL POWER CORPORATION OF INDIA
SRI LANKA CABINET SPOKESPERSON: STAGE ONE CAPACITY TO BE 50MW, SECOND STAGE TO BE 70MW
Further company coverage: NTPC.NS
(([email protected];))
Feb 20 (Reuters) -
SRI LANKA CABINET SPOKESPERSON: CABINET APPROVAL TO SET UP TWO SOLAR POWER PLANTS IN SAMPUR WITH NATIONAL THERMAL POWER CORPORATION OF INDIA
SRI LANKA CABINET SPOKESPERSON: STAGE ONE CAPACITY TO BE 50MW, SECOND STAGE TO BE 70MW
Further company coverage: NTPC.NS
(([email protected];))
India's NTPC rises on plans to invest $62 bln to boost nuclear power capacity
** State power co NTPC NTPC.NS rises 2.63% to 310.3 rupees; top gainer on benchmark Nifty 50 .NSEI
** Co looking to build 30-gigawatt nuclear power capacity over the next two decades at cost of $62 billion, Reuters reports
** Triples goal from 10GW capacity after Indian government announced plans to open sector up to foreign and private investment, report says
** Co in the process of seeking early approvals for land in 8 states for detailed studies in 27 locations, report adds
** NTPC trims 12-month decline to 8.7%
(Reporting by Ananta Agarwal in Bengaluru)
** State power co NTPC NTPC.NS rises 2.63% to 310.3 rupees; top gainer on benchmark Nifty 50 .NSEI
** Co looking to build 30-gigawatt nuclear power capacity over the next two decades at cost of $62 billion, Reuters reports
** Triples goal from 10GW capacity after Indian government announced plans to open sector up to foreign and private investment, report says
** Co in the process of seeking early approvals for land in 8 states for detailed studies in 27 locations, report adds
** NTPC trims 12-month decline to 8.7%
(Reporting by Ananta Agarwal in Bengaluru)
EXCLUSIVE-India's NTPC plans to spend $62 billion on 30 GW of nuclear power, sources say
Adds company comments in paragraphs 18-19
By Sarita Chaganti Singh and Krishna N. Das
NEW DELHI, Feb 17 (Reuters) - Indian state power company NTPC NTPC.NS is looking to build 30 gigawatts of nuclear power capacity over the next two decades, three times more than expected, at a cost of $62 billion, three sources said.
The country's top power producer, which mainly runs coal-fired plants, is seeking land for its ambitious plan in a country where local resistance to such projects is high, said the sources, who have direct knowledge of the matter.
NTPC was targeting 10 GW of nuclear capacity but tripled the goal after the government this month announced plans to open up the sector to foreign and private investment, the sources said.
"NTPC plans to lead India's nuclear power plan just as it did in the... thermal sector," one of the sources said. "The identified sites are promising and hold potential for large capacity addition."
An NTPC spokesperson did not respond to a request for comment.
India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030 and wants to have at least 100 GW of nuclear capacity by 2047.
State-run Nuclear Power Corp of India is currently the sole operator of the country's nearly 8 GW capacity, aiming for an increase to 20 GW by 2032.
NTPC is already building two 2.6 GW plants with Nuclear Power, one in Madhya Pradesh and one in Rajasthan.
It is also in the process of seeking early approvals for land in eight states for detailed studies in 27 locations, said the sources, after public resistance and acquisition issues have hobbled the country's atomic energy ambitions.
The states include Prime Minister Narendra Modi's native Gujarat in the west, Uttar Pradesh in the north, central India's Madhya Pradesh, and Andhra Pradesh and Tamil Nadu in the south.
LAW CHANGES
The sources said the locations could be enough to set up capacity of at least 50 GW.
Private Indian utilities and conglomerates such as Tata Power TTPW.NS, Vedanta VDAN.NS, Reliance Industries RELI.NS and Adani Power ADAN.NS have expressed their interest in nuclear power, Reuters has reported.
NTPC's newly created unit NTPC Parmanu Urja Nigam is likely to make the investments in the sector, including through partnerships, the sources said.
A company executive told Reuters last week that NTPC was in talks about the construction of small nuclear reactors with foreign firms, including from Russia and the United States.
The sources said potential partners include France's EDF, and General Electric GE.N and Holtec International from the U.S.
EDF said it was prepared to collaborate with Indian industrial partners to develop a small modular reactor project.
Holtec International, in response to a Reuters query, said it is in early stages of discussions with NTPC, and was expecting authorisation from the governments of U.S. and India.
The company expects to sell at least 200-300 small modular reactors in India by 2047, it said.
General Electric did not immediately respond to requests for comment.
Modi, during visits to France and the U.S. last week, said the government would work with both countries to develop India's nuclear industry.
The Atomic Energy Act of 1962 currently bars private investments in nuclear power plants, while stringent liabilities under the Civil Liability for Nuclear Damage Act 2010, deter foreign fuel and equipment suppliers such as GE GE.N and Westinghouse WAB.N from signing deals.
Indian Finance Minister Nirmala Sitharaman has proposed amending the two Acts, and promised 200 billion rupees ($2.30 billion) for the research and development of SMRs, at least five of which will be operational by 2033.
($1 = 86.8360 Indian rupees)
(Reporting by Sarita Chaganti Singh and Krishna N. Das from New Delhi; Editing by Aftab Ahmed, Kirsten Donovan and Jan Harvey)
(([email protected];))
Adds company comments in paragraphs 18-19
By Sarita Chaganti Singh and Krishna N. Das
NEW DELHI, Feb 17 (Reuters) - Indian state power company NTPC NTPC.NS is looking to build 30 gigawatts of nuclear power capacity over the next two decades, three times more than expected, at a cost of $62 billion, three sources said.
The country's top power producer, which mainly runs coal-fired plants, is seeking land for its ambitious plan in a country where local resistance to such projects is high, said the sources, who have direct knowledge of the matter.
NTPC was targeting 10 GW of nuclear capacity but tripled the goal after the government this month announced plans to open up the sector to foreign and private investment, the sources said.
"NTPC plans to lead India's nuclear power plan just as it did in the... thermal sector," one of the sources said. "The identified sites are promising and hold potential for large capacity addition."
An NTPC spokesperson did not respond to a request for comment.
India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030 and wants to have at least 100 GW of nuclear capacity by 2047.
State-run Nuclear Power Corp of India is currently the sole operator of the country's nearly 8 GW capacity, aiming for an increase to 20 GW by 2032.
NTPC is already building two 2.6 GW plants with Nuclear Power, one in Madhya Pradesh and one in Rajasthan.
It is also in the process of seeking early approvals for land in eight states for detailed studies in 27 locations, said the sources, after public resistance and acquisition issues have hobbled the country's atomic energy ambitions.
The states include Prime Minister Narendra Modi's native Gujarat in the west, Uttar Pradesh in the north, central India's Madhya Pradesh, and Andhra Pradesh and Tamil Nadu in the south.
LAW CHANGES
The sources said the locations could be enough to set up capacity of at least 50 GW.
Private Indian utilities and conglomerates such as Tata Power TTPW.NS, Vedanta VDAN.NS, Reliance Industries RELI.NS and Adani Power ADAN.NS have expressed their interest in nuclear power, Reuters has reported.
NTPC's newly created unit NTPC Parmanu Urja Nigam is likely to make the investments in the sector, including through partnerships, the sources said.
A company executive told Reuters last week that NTPC was in talks about the construction of small nuclear reactors with foreign firms, including from Russia and the United States.
The sources said potential partners include France's EDF, and General Electric GE.N and Holtec International from the U.S.
EDF said it was prepared to collaborate with Indian industrial partners to develop a small modular reactor project.
Holtec International, in response to a Reuters query, said it is in early stages of discussions with NTPC, and was expecting authorisation from the governments of U.S. and India.
The company expects to sell at least 200-300 small modular reactors in India by 2047, it said.
General Electric did not immediately respond to requests for comment.
Modi, during visits to France and the U.S. last week, said the government would work with both countries to develop India's nuclear industry.
The Atomic Energy Act of 1962 currently bars private investments in nuclear power plants, while stringent liabilities under the Civil Liability for Nuclear Damage Act 2010, deter foreign fuel and equipment suppliers such as GE GE.N and Westinghouse WAB.N from signing deals.
Indian Finance Minister Nirmala Sitharaman has proposed amending the two Acts, and promised 200 billion rupees ($2.30 billion) for the research and development of SMRs, at least five of which will be operational by 2033.
($1 = 86.8360 Indian rupees)
(Reporting by Sarita Chaganti Singh and Krishna N. Das from New Delhi; Editing by Aftab Ahmed, Kirsten Donovan and Jan Harvey)
(([email protected];))
India New Issue-THDC India accepts bids for 10-year bonds, bankers say
MUMBAI, Feb 14 (Reuters) - THDC India THDC.BO has accepted bids worth 7 billion rupees ($80.57 million) for bonds maturing in 10 years, three bankers said on Friday.
The company will pay an annual coupon of 7.73% and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
THDC India | 10 years | 7.73 | 7 | Feb. 14 | AA (Care) |
HDB Financial April 2027 reissue | 2 years and 2 months | 7.90 (yield) | 5 | Feb. 14 | AAA (Crisil, Care) |
Narayana Hrudayalaya | 5 years | 8.40 | 5 | Feb. 14 | AA (Icra) |
Bamboo Hotel and Global Centre | Nearly 3 years | 10.81 | 8.08 | Feb. 13 | Provisional A+(CE)(Icra) |
PFC | 3 years and 2 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
PFC | 6 years and 11 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 86.8825 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
MUMBAI, Feb 14 (Reuters) - THDC India THDC.BO has accepted bids worth 7 billion rupees ($80.57 million) for bonds maturing in 10 years, three bankers said on Friday.
The company will pay an annual coupon of 7.73% and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
THDC India | 10 years | 7.73 | 7 | Feb. 14 | AA (Care) |
HDB Financial April 2027 reissue | 2 years and 2 months | 7.90 (yield) | 5 | Feb. 14 | AAA (Crisil, Care) |
Narayana Hrudayalaya | 5 years | 8.40 | 5 | Feb. 14 | AA (Icra) |
Bamboo Hotel and Global Centre | Nearly 3 years | 10.81 | 8.08 | Feb. 13 | Provisional A+(CE)(Icra) |
PFC | 3 years and 2 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
PFC | 6 years and 11 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 86.8825 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
India's NTPC in talks with foreign nuclear firms for small reactors
By Mrinalika Roy
NEW DELHI, Feb 13 (Reuters) - Top Indian power producer NTPC NTPC.NS is in talks with foreign firms including those from Russia and the U.S. for construction of small nuclear reactors, a top executive said on Thursday.
Talks for these small modular reactors (SMR) - which have simpler designs than traditional large nuclear plants and can be scaled up to meet demand - come days after the country decided to allow private investments in the sector.
"We have spoken to a Russian company that has an operating small modular reactor, and several other firms like U.S.' Holtec International Corp have also approached us," said Prasenjit Pal, executive director and head of nuclear wing at NTPC.
Pal did not identify the Russian company and other U.S. companies, while Holtec did not immediately respond to Reuters' request for comment.
NTPC has sought government permission to take forward the discussions, Pal said, but added that no country apart from China and Russia has operating SMR systems.
The company would start construction of its first nuclear power project of 2.8 gigawatts (GW) at Mahi Banswara in the desert Rajasthan in 3-5 months, Pal said.
India has about 8 GW of nuclear capacity and aims to raise it to 20 GW by 2032 and at least 100 GW by 2047 to cut its carbon footprint.
A change in Indian laws to open its much-guarded nuclear energy sector is going to boost private investments, Sama Bilbao y León, director general of World Nuclear Association, told Reuters on the sidelines of the India Energy Week.
Strict liabilities imposed by India under a 2010 law for compensation to nuclear accident victims have hampered implementation of the country's nuclear deal with the U.S., and with it, participation of U.S. power plant makers such as General Electric GE.N and Westinghouse.
(Additional reporting by Sethuraman NR; Editing by Leroy Leo)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Mrinalika Roy
NEW DELHI, Feb 13 (Reuters) - Top Indian power producer NTPC NTPC.NS is in talks with foreign firms including those from Russia and the U.S. for construction of small nuclear reactors, a top executive said on Thursday.
Talks for these small modular reactors (SMR) - which have simpler designs than traditional large nuclear plants and can be scaled up to meet demand - come days after the country decided to allow private investments in the sector.
"We have spoken to a Russian company that has an operating small modular reactor, and several other firms like U.S.' Holtec International Corp have also approached us," said Prasenjit Pal, executive director and head of nuclear wing at NTPC.
Pal did not identify the Russian company and other U.S. companies, while Holtec did not immediately respond to Reuters' request for comment.
NTPC has sought government permission to take forward the discussions, Pal said, but added that no country apart from China and Russia has operating SMR systems.
The company would start construction of its first nuclear power project of 2.8 gigawatts (GW) at Mahi Banswara in the desert Rajasthan in 3-5 months, Pal said.
India has about 8 GW of nuclear capacity and aims to raise it to 20 GW by 2032 and at least 100 GW by 2047 to cut its carbon footprint.
A change in Indian laws to open its much-guarded nuclear energy sector is going to boost private investments, Sama Bilbao y León, director general of World Nuclear Association, told Reuters on the sidelines of the India Energy Week.
Strict liabilities imposed by India under a 2010 law for compensation to nuclear accident victims have hampered implementation of the country's nuclear deal with the U.S., and with it, participation of U.S. power plant makers such as General Electric GE.N and Westinghouse.
(Additional reporting by Sethuraman NR; Editing by Leroy Leo)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's HPCL signs agreement to source LNG for NTPC
By Nidhi Verma
NEW DELHI, Feb 12 (Reuters) - India's Hindustan Petroleum Corp (HPCL) HPCL.NS has signed an initial pact for sourcing gas for utility company NTPC Ltd NTPC.NS, HPCL Chairman Rajneesh Narang said on Wednesday.
The two companies will explore collaboration for liquefied natural gas (LNG) sourcing as India's gas-based power generation rises during summers, he said.
"We have to work the modalities for a firm contract," Narang told Reuters.
HPCL owns a 5 million tons per year LNG import terminal at Chhara in western India.
Under the pact, NTPC will either book capacities at the terminal or hire LNG tankers there, HPCL chairman said.
The companies would also explore joint sourcing of LNG, he said.
NTPC produces a quarter of India's electricity generation and has the potential to consume 6.9 million tons of gas per year, the official said.
(Reporting by Nidhi Verma in New Delhi; Editing by Mrigank Dhaniwala)
(([email protected];))
By Nidhi Verma
NEW DELHI, Feb 12 (Reuters) - India's Hindustan Petroleum Corp (HPCL) HPCL.NS has signed an initial pact for sourcing gas for utility company NTPC Ltd NTPC.NS, HPCL Chairman Rajneesh Narang said on Wednesday.
The two companies will explore collaboration for liquefied natural gas (LNG) sourcing as India's gas-based power generation rises during summers, he said.
"We have to work the modalities for a firm contract," Narang told Reuters.
HPCL owns a 5 million tons per year LNG import terminal at Chhara in western India.
Under the pact, NTPC will either book capacities at the terminal or hire LNG tankers there, HPCL chairman said.
The companies would also explore joint sourcing of LNG, he said.
NTPC produces a quarter of India's electricity generation and has the potential to consume 6.9 million tons of gas per year, the official said.
(Reporting by Nidhi Verma in New Delhi; Editing by Mrigank Dhaniwala)
(([email protected];))
India New Issue-THDC India to issue 10-year bonds, bankers say
MUMBAI, Feb 11 (Reuters) - THDC India THDC.BO plans to raise 7 billion rupees ($80.04 million), including a greenshoe option of 5 billion rupees, selling bonds maturing in 10 years, three bankers said on Tuesday.
The company has invited coupon and commitment bids from bankers and investors on Friday, day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
THDC India | 10 years | To be decided | 2+5 | Feb. 14 | AA (Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.4600 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)
MUMBAI, Feb 11 (Reuters) - THDC India THDC.BO plans to raise 7 billion rupees ($80.04 million), including a greenshoe option of 5 billion rupees, selling bonds maturing in 10 years, three bankers said on Tuesday.
The company has invited coupon and commitment bids from bankers and investors on Friday, day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
THDC India | 10 years | To be decided | 2+5 | Feb. 14 | AA (Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.4600 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)
GE Power India Receives 137.50 Mln Rupees Order From NTPC
Feb 5 (Reuters) - Ge Power India Ltd GEPO.NS:
RECEIVES 137.50 MILLION RUPEES ORDER FROM NTPC
Source text: ID:nBSE8QQhbm
Further company coverage: GEPO.NS
(([email protected];;))
Feb 5 (Reuters) - Ge Power India Ltd GEPO.NS:
RECEIVES 137.50 MILLION RUPEES ORDER FROM NTPC
Source text: ID:nBSE8QQhbm
Further company coverage: GEPO.NS
(([email protected];;))
NTPC Says Delhi High Court Sets Aside Arbitral Award Against NTPC
Feb 4 (Reuters) - NTPC Ltd NTPC.NS:
CHALLENGES ARBITRAL AWARD IN DELHI HIGH COURT
DELHI HIGH COURT SETS ASIDE ARBITRAL AWARD AGAINST NTPC
ARBITRAL AWARD OF 18.91 BILLION RUPEES PLUS INTEREST AGAINST NTPC
HIGH COURT TERMS ARBITRAL AWARD AS 'PERVERSE' AND 'PATENTLY ILLEGAL'
Source text: ID:nBSEbLXlwz
Further company coverage: NTPC.NS
(([email protected];;))
Feb 4 (Reuters) - NTPC Ltd NTPC.NS:
CHALLENGES ARBITRAL AWARD IN DELHI HIGH COURT
DELHI HIGH COURT SETS ASIDE ARBITRAL AWARD AGAINST NTPC
ARBITRAL AWARD OF 18.91 BILLION RUPEES PLUS INTEREST AGAINST NTPC
HIGH COURT TERMS ARBITRAL AWARD AS 'PERVERSE' AND 'PATENTLY ILLEGAL'
Source text: ID:nBSEbLXlwz
Further company coverage: NTPC.NS
(([email protected];;))
NTPC Says Unit's 25 MW Capacity Of Gujarat Solar PV Project In Sadla Declared On Commercial Operation
Jan 20 (Reuters) - NTPC Ltd NTPC.NS:
UNIT'S 25 MW CAPACITY OF GUJARAT SOLAR PV PROJECT IN SADLA DECLARED ON COMMERCIAL OPERATION
Source text: ID:nBSEbJNzrS
Further company coverage: NTPC.NS
(([email protected];;))
Jan 20 (Reuters) - NTPC Ltd NTPC.NS:
UNIT'S 25 MW CAPACITY OF GUJARAT SOLAR PV PROJECT IN SADLA DECLARED ON COMMERCIAL OPERATION
Source text: ID:nBSEbJNzrS
Further company coverage: NTPC.NS
(([email protected];;))
Indian Railway Finance Corp Emerges As L1 Bidder For 31.67 Bln Rupees Financing
Jan 14 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
EMERGES AS L1 BIDDER FOR 31.67 BILLION RUPEES FINANCING
PROJECT UNDERTAKEN BY NTPC AND JHARKHAND BIJLI VITRAN NIGAM JV
Source text: ID:nNSE48VMGR
Further company coverage: INID.NS
(([email protected];;))
Jan 14 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
EMERGES AS L1 BIDDER FOR 31.67 BILLION RUPEES FINANCING
PROJECT UNDERTAKEN BY NTPC AND JHARKHAND BIJLI VITRAN NIGAM JV
Source text: ID:nNSE48VMGR
Further company coverage: INID.NS
(([email protected];;))
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What does NTPC do?
NTPC Limited, India's largest energy conglomerate since 1975, operates in power generation using fossil fuels, hydro, nuclear, and renewable sources. Its diversification includes consultancy, power trading, and coal mining, aiming to reduce carbon footprint.
Who are the competitors of NTPC?
NTPC major competitors are Adani Power, Adani Green Energy, Tata Power, NHPC, JSW Energy, Torrent Power, SJVN. Market Cap of NTPC is ₹3,31,820 Crs. While the median market cap of its peers are ₹83,766 Crs.
Is NTPC financially stable compared to its competitors?
NTPC seems to be less financially stable compared to its competitors. Altman Z score of NTPC is 1.57 and is ranked 4 out of its 8 competitors.
Does NTPC pay decent dividends?
The company seems to pay a good stable dividend. NTPC latest dividend payout ratio is 36.11% and 3yr average dividend payout ratio is 39.46%
How has NTPC allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery
How strong is NTPC balance sheet?
NTPC balance sheet is weak and might have solvency issues
Is the profitablity of NTPC improving?
The profit is oscillating. The profit of NTPC is ₹20,753 Crs for TTM, ₹20,812 Crs for Mar 2024 and ₹16,913 Crs for Mar 2023.
Is the debt of NTPC increasing or decreasing?
Yes, The debt of NTPC is increasing. Latest debt of NTPC is ₹2,32,110 Crs as of Sep-24. This is greater than Mar-24 when it was ₹2,21,599 Crs.
Is NTPC stock expensive?
Yes, NTPC is expensive. Latest PE of NTPC is 15.1, while 3 year average PE is 12.09. Also latest EV/EBITDA of NTPC is 10.53 while 3yr average is 9.41.
Has the share price of NTPC grown faster than its competition?
NTPC has given lower returns compared to its competitors. NTPC has grown at ~17.85% over the last 6yrs while peers have grown at a median rate of 34.98%
Is the promoter bullish about NTPC?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in NTPC is 51.1% and last quarter promoter holding is 51.1%.
Are mutual funds buying/selling NTPC?
The mutual fund holding of NTPC is decreasing. The current mutual fund holding in NTPC is 17.54% while previous quarter holding is 17.62%.