NTPC Green Energy edge lower despite MoU with Japan’s ENEOS for green hydrogen supply

Shares of NTPC Green Energy Ltd (NGEL) edged marginally lower by 1% to their day's low of Rs 98.75 per share on the NSE on Monday after the company signed a Memorandum of Understanding (MoU) with Japan’s ENEOS Corporation to explore the supply of green methanol and hydrogen derivative products. The collaboration marks a key step in India’s efforts to position itself as a global hub for clean energy production and exports.

The collaboration marks a key step in India’s push to become a global hub for clean energy production and exports.

The MoU was exchanged at the World Expo 2025 in Osaka, Japan, and is part of NGEL’s broader strategy to expand its renewable energy footprint. The agreement focuses on NGEL’s Green Hydrogen Hub at Pudimadaka, Andhra Pradesh, a 1,200-acre integrated facility being developed for green chemical production and export.

By aligning ENEOS’s demand for hydrogen derivatives with NGEL’s renewable energy and hydrogen projects, the partnership aims to advance decarbonisation efforts and support global net-zero goals.

Boost to NTPC’s clean energy ambitions

NGEL said the partnership supports its goal of achieving a 60-gigawatt renewable energy portfolio by 2032, reinforcing its role in India’s clean energy transition. The collaboration with ENEOS also strengthens India’s position in the global hydrogen value chain, where cross-border partnerships are becoming increasingly critical to scaling green fuel adoption.

Stock performance and technical setup

On Friday, NGEL’s stock closed 1.5% higher at Rs 99.59 on the BSE. The stock is down 22% so far in 2025 but has gained 2% over the past week.

From a technical standpoint, the stock is trading below six of its eight key simple moving averages (SMA), including the 20-, 30-, 50-, 100-, 150-, and 200-day SMAs, while remaining above its 5-day and 10-day SMAs.

The Relative Strength Index (RSI) stands at 44, indicating the stock is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is at -1.4, staying below both the center and signal lines, signaling a continuing bearish trend despite the recent uptick.

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