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Not so bullish. Photographer: Dhiraj Singh/Bloomberg
NLC India stock rises: State-owned coal mining company NLC India shares rose as much as 4.27 per cent to hit an intraday high of Rs 287.95 per share on Thursday, August 29, 2024.
The surge in the NLC India share price came after the company announced that it has inked a power usage agreement for supply of 200 MW green power to Telangana.
In an exchange filing, the company said, “NLC India, a Navratna Government of India Enterprise under Ministry of Coal and the first CPSE to reach 1 GW Solar Power generation in the country, has signed Power Usage Agreement at Hyderabad, with Telangana State DISCOMs for 200 MW Solar Power at a competitive and affordable price under CPSU scheme for 25 years.”
The NLC India Solar Project is expected to produce approximately 1,300 crore units of green energy and reduce carbon emissions by 90 lakh tonnes over its lifespan. Utilising cutting-edge technology, including single-axis trackers and high-efficiency domestic modules, the project is designed to maximise power generation in alignment with the Atma Nirbhar Bharat (Make in India) initiative, the company said. It is scheduled to be commissioned by June 2025, it added.
“This association comes with the twin advantage of cheap green power and meeting the Renewable purchase obligation of Telangana State. NLCIL has already been supplying more than 234 MW of affordable thermal power to the State of Telangana for more than three decades and this association in Renewables is the mark of the start of a long journey, for both the State of Telangana and NLCIL towards a Sustainable future,” NLC India expressed.
NLC India Limited (NLC) is a Navaratna Government corporation in India, specialising in fossil fuel mining and thermal power generation.
Established in 1956, as Neyveli Lignite Corporation Limited under the Government of India, the company became publicly traded on March 7, 1986. It is currently owned by the Ministry of Coal.
NLC operates one open-cast coal mine and four open-cast lignite mines. The company runs five lignite-based thermal power stations—four located in Neyveli, Tamil Nadu, and one in Barsingsar, Rajasthan—totaling approximately 3,640 megawatts (MW) in capacity.
Additionally, NLC boasts a renewable energy capacity of about 1,421.06 MW, which includes 1,370.06 MW from solar energy and 51 MW from wind energy. NLC utilises lignite at its pithead thermal power stations to generate electricity, which it supplies to state DISCOMS in Rajasthan and Southern India.
At 11:57 AM, shares of NLC India were trading 0.33 per cent higher at Rs 277.05 per share. In comparison, BSE Sensex was trading 0.23 per cent higher at 81,974.50 levels.
First Published: Aug 29 2024 | 12:01 PM IST
