NLC India surges after commissioning solar power project

NLC India surged 7% to Rs 116.10 at 9:45 IST on BSE after the company announced commissioning of its 130 megawatts solar power project at Neyveli.

The announcement was made after market hours yesterday, 1 January 2018.

Meanwhile, the S&P BSE Sensex was down 46.61 points, or 0.14% at 33,766.14.

High volumes were witnessed on the counter. On the BSE, 3.77 lakh shares were traded on the counter so far as against the average daily volumes of 1.76 lakh shares in the past one quarter. The stock had hit a high of Rs 119.75 and a low of Rs 110.50 so far during the day. The stock had hit a 52-week high of Rs 123 on 23 March 2017. The stock had hit a 52-week low of Rs 75.25 on 30 December 2016.

The stock had underperformed the market over the past one month till 1 January 2018, with the stock remaining unchanged compared with 2.98% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 15.24% as against Sensex's 8.08% rise. The scrip had also outperformed the market in past one year, jumping 41.92% as against Sensex's 26.99% rise.

The large-cap company has equity capital of Rs 1528.57 crore. Face value per share is Rs 10.

NLC India said that as a part of fulfilling its commitment towards the green initiatives of Government of India, the company has crossed a significant milestone by commissioning its 130 megawatts solar power project at pooling substation, block-14, Neyveli on 1 January 2018.

The total project cost was Rs 752.62 crore. The plant's entire power will be supplied to TANGEDCO, government of Tamil Nadu. A long term power purchase agreement has been signed at a preferential tariff of Rs 5.10 per unit for 25 years.

NLC India's net profit rose 8.8% to Rs 326.88 crore on 3% decline in net sales to Rs 1992.85 crore in Q2 September 2017 over Q2 September 2016.

As per the shareholding pattern as on 30 September 2017, the Government of India held 89.33% stake in the company.

NLC India operates lignite mines, pithead thermal power stations and also has operations in renewable energy sector.

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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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