Hold NHPC With Stop Loss Of Rs 22

Hold NHPC With Stop Loss Of Rs 22Technical analyst Rohan Mehta has maintained 'hold' rating on NHPC Limited stock with a stop loss of Rs 22 in the short-to-medium term.

The stock of the company, on May 05, closed at Rs 24.45 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 33.40 and a low of Rs 22.75 on BSE.

NHPC Ltd aims to produce more than 18.6 billion kilowatt hour (bkwh) of power in the existing fiscal year to March 2012, based on prospects of normal monsoon rains.

Chairman A. B. L. Srivastava said, "Our reservoir conditions are well. Last year, our target was 18 bkwh and we produced 18.5 bkwh. This fiscal, we hope to cross the target of 18.6 bkwh."

Country's monsoon rains refill artificial lakes and lift ground-water levels, permitting better irrigation and better generation of hydroelectric power.

Last month, India's weather office had forecast normal monsoon rains for the second straight year in 2011, brightening prospects of higher water levels at reservoirs.

Srivastava also said NHPC would set up 1,080 megawatts of novel capacity in the existing year that started on April 1.

NHPC plans capex of around Rs 50 billion ($1.1 billion) in the existing financial year (2011/12) as against Rs 38 billion during the last financial year, when it appended 120 megawatts capacity.