NTPC net up, kicks off FPO | business | Hindustan Times
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NTPC net up, kicks off FPO

business Updated: Jan 29, 2010 23:03 IST
HT Correspondent
HT Correspondent
Hindustan Times
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National Thermal Power Corporation Ltd (NTPC) on Friday reported a slim five per cent growth in net profit at Rs 2,364.9 crore for the third quarter ended December 31, 2009, over the same period last year.

The company’s net sales, however, fell by 1 per cent Rs 11,709 crore for the quarter ended December 31, from Rs 11, 863 crore the previous year.

The total installed capacity of the company is 31,134 MW, after it commissioned a 490 MW thermal power plant at Dadri, Uttar Pradesh.

The company also kickstarted the process for follow-own public offer through which the government will divest 5 per cent stake in the power utility.

The offer, which is open for subscription between February 3 an February 5, will help the government raise close to Rs 8,800 crore at Friday’s closing price.

The government has approved a new plan to divest equity in state-owned enterprises that could open the gates for a slew of public offers in stock markets by 60 companies.

Stake sales in NTPC will mark the first steps to kick-start the stalled disinvestment programme.