NTPC rises more than 2% as co to consider share buyback

Mumbai: Shares of state-run NTPC advanced more than 2 per cent in an otherwise weak market on Tuesday, as investors cheered the power major’s plan to consider a share buyback.

At 9:38 am, NTPC was up 2.15 per cent at Rs 87.75 while benchmark Sensex was trading 0.25 per cent lower at 40,044.40 points.

After market hours on Monday, NTPC said its board will meet on November 2 to consider a proposal to buy back the company's equity shares.


Last week, the Securities and Exchange Board of India (Sebi) granted exemption to NTPC from certain buyback norms for the proposed merger of its wholly-owned subsidiaries with the parent company.

In October, NTPC had filed an application with the markets regulator to seek exemption from the strict enforcement of the buyback norms.

While the stock has been on an uptrend in recent times, and has advanced nearly 9 per cent over the last one week, it is down more than 26 per cent for the year to date.