NTPC Vidyut Vyapar Nigam (NVVN), a wholly owned subsidiary of NTPC has acquired 5% stake in Power Exchange of India (PXIL).
NVVN has purchased the shares of PXIL from NSE Investment, a co-promoter shareholder of PXIL, on 31 January 2022. NVVN is one of the top power traders in India and the acquisition of an equity stake in PXIL would enable a strategic opportunity for NVVN to achieve and maintain a good position in the power trading market.
NVVN was formed by NTPC, a power generating firm and a Maharatna company, in the year 2002, as its wholly owned subsidiary to tap the potential of power trading in the country. NVVN holds a highest category 'I' power trading license in terms of latest CERC regulations.
PXIL is India's first institutionally promoted power exchange, promoted by NSE Investment & NCDEX and has been providing innovative and credible solutions since 2008.
The PSU power major reported 24.63% increase in standalone net profit to Rs 4,131.99 crore on 17.77% rise in net sales to Rs 28,864.79 crore in Q3 December 2022 over Q3 December 2021.
Profit before tax rose 51.87% to Rs 5,409.01 crore in Q3 FY22 over Q3 FY21. Total expenses rose 12.54% year-on-year to Rs 24,428.12 in Q3 FY22. Total fuel cost climbed 23.17% to Rs 15,631.96 crore in Q3 FY22 over Q3 FY21.
Shares of NTPC rose 1.32% to close at Rs 142.05 on BSE yesterday, 31 January 2022. NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. The Government of India holds 51.10% in NTPC as of 31 December 2021.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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