2 PSU Giants are Top Gainers on Nifty, Record New Highs

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2 PSU Giants are Top Gainers on Nifty, Record New Highs
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The stocks of two state-owned giants ended as top gainers on the flagship index of the NSE, Nifty50 in the intraday trade on Friday, September 1, 2023.

These two stocks include the country’s largest energy conglomerate NTPC (NS: NTPC ) and India’s largest crude oil and natural gas company ONGC (NS: ONGC ), which is also a Maharatna public sector undertaking (PSU).

Shares of NTPC surged 5.15% and recorded a new lifetime high of Rs 231.65 apiece on Friday, while ONGC’s shares hit a fresh 52-week high of Rs 184.75 apiece on September 1, jumping 6%.

The Maharatna PSU ONGC’s stock jumped to a new 52-week high on Friday after the US-based credit rating agency Fitch Ratings held its ‘BBB-’ rating on the company with a stable outlook.

The ratings agency has maintained ONGC's Standalone Credit Profile (SCP) at ‘BBB+’, which reflects ONGC's scale as the largest oil and gas producer in India, its significant reserves and production, and its vertically integrated and geographically diversified business model, Fitch stated.

On the other hand, the Board of Directors of NTPC approved the Lara Super Thermal Power Project, Stage-II (2x800 MW) in Chattisgarh at an estimated cost of Rs 15,529.99 crore.

The PSU giant awarded the said thermal power project in Chhattisgarh to the state-owned engineering and manufacturing major BHEL (NS: BHEL ) through International Competitive Bidding.

Read Also: Multibagger PSU Hits 52-Week High Again, Spikes 12%; Jumps 29% in 5 Days

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