NTPC Green Energy shares rally 5% after signing multiple MoUs with Madhya Pradesh govt

The shares of NTPC Green Energy (NGEL) surged 4.6% to their daily high of Rs 103 on BSE on Tuesday, following the signing of multiple Memorandums of Understanding (MoUs) with the Madhya Pradesh government during the Global Investors Summit held in Bhopal on February 24-25, 2025.

Several MoUs were also signed by NGEL’s parent company, NTPC, during the summit. However, shares of NTPC were trading lower by nearly 1% at Rs 317 on the BSE around 10:15 am.

The agreements aim to develop renewable energy projects, including solar, wind, pumped hydro, and other carbon-neutral energy sources in the state.


The first MoU, signed between NGEL and Madhya Pradesh Power Generating Company Ltd (MPPGCL), focuses on setting up renewable energy projects of up to 20 GW or more, with an estimated investment of Rs 1,20,000 crore. This paves the way for forming a Joint Venture Company (JVC) to support the Renewable Generation Obligation (RGO) of MPPGCL and the Renewable Purchase Obligation (RPO) of Madhya Pradesh DISCOMs.

The second MoU, signed between NTPC and the Madhya Pradesh government, involves developing other sustainable non-fossil fuel power plants, with an estimated investment of Rs 80,000 crore. Madhya Pradesh Power Management Company Ltd (MPPMCL) signed this agreement on behalf of the state government.

Additionally, NTPC signed an agreement with the Madhya Pradesh government to invest approximately Rs 4,000 crore in an 800 MW Pumped Hydro Storage Project in the state.

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NTPC shares target price

As per Trendlyne data, the average target price of the stock is Rs 439, which shows an upside of 37% from the current market prices. The consensus recommendation from 26 analysts for the stock is a 'Buy'.

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NTPC shares performance

On Monday, NTPC shares closed at Rs 320, down 1.8% on the BSE, while the benchmark Sensex declined 1.14%. The stock has declined 20% in the past six months but gained 87% in the last two years. The company’s market capitalization stands at Rs 3,10,390 crore.

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