NTPC Ltd’s shares hit a two-year high of Rs 163.10 after rallying 6 per cent on the BSE in Monday’s intra-day trade on the back of heavy volumes in an otherwise weak market. The stock of the state-owned electric utility company traded at its highest level since October 2018.

In the morning trade, NTPC quoted 5 per cent higher at Rs 161.80 as against a 2.1 per cent decline in the S&P BSE Sensex. The trading volumes on the counter nearly doubled as 39.69 million shares changed hands on the NSE and BSE.

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In the past month, NTPC has outperformed the market by surging 22 per cent on an expectation of solid power demand. In comparison, the benchmark index was down 1.3 per cent. The stock has zoomed 58 per cent in a year against a 17 per cent rise in S&P BSE Sensex.