NTPC Green Energy shares in focus after MoU to set up hydrogen fuel station at VOC Port

Shares of NTPC Green Energy are likely to be in focus on Monday after the company signed a memorandum of understanding (MoU) with V.O. Chidambaranar Port Authority to establish a green hydrogen fueling station and deploy hydrogen-powered trucks for port operations.

State-owned NTPC Green Energy Ltd. (NGEL), a subsidiary of NTPC Ltd., said on Friday that the agreement with the Tuticorin-based port authority aims to promote green energy technologies, particularly green hydrogen mobility.

As part of the pact, NGEL will set up a hydrogen fueling station inside VOC Port and introduce hydrogen-based internal combustion engine trucks for cargo movement.

The initiative is expected to pave the way for replacing fossil-fuel-powered trucks with cleaner alternatives, which the company said would support decarbonisation efforts and strengthen energy security.

Broader hydrogen strategy

NTPC has been running a green hydrogen blending project in Surat, Gujarat, for over two years and has launched mobility pilots in Leh, Greater Noida, Bhubaneswar, and Kandla Port. NGEL is also developing a green hydrogen hub in Visakhapatnam, Andhra Pradesh, and has set a target of 60 GW renewable energy capacity by 2032.

Incorporated in April 2022 as NTPC’s renewable energy arm, NTPC Green Energy has absorbed all ongoing and under-construction renewable projects from the parent company.

Financial performance

The company’s consolidated net profit surged 59.1% year-on-year to Rs 220.48 crore in the June quarter, supported by a 17.6% rise in net sales to Rs 680.21 crore.

On Friday, shares of NTPC Green Energy closed 0.64% higher at Rs 104.10 on the BSE.

Technical picture

From a technical perspective, the stock is trading below its 5-day, 50-day, 100-day, 150-day, and 200-day simple moving averages, but remains above its 10-day, 20-day, and 30-day averages.

The Relative Strength Index (RSI) stands at 49.6, indicating neutral momentum, while the Moving Average Convergence Divergence (MACD) is at -0.3, below the center line, suggesting a bearish undertone.

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