NLC India jumps 5% on plans for 2 thermal power plants in Odisha

The company has also signed a power-purchase agreement with GRIDCO, an Odisha state power undertaking, to purchase 400 megawatt power that will be generated through the proposed plants

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NLC India was up 5 percent higher in the morning trade on September 29 after the state-owned company announced its plan to set up 3×800 megawatt (MW) coal-based power plants in Odisha.

The company also said it executed a power-purchase agreement with GRIDCO, an Odisha state power undertaking, for the purchase of 400 megawatt power that will be generated through the proposed thermal power plants in Jharsuguda and Sambalpur.

The land acquisition process and evaluation of offers for shortlisting of construction contractor for the project is under progress, the company said.

“With this, the entire power of 2400 MW has been tied up on long-term basis with Tamil Nadu- TANGEDCO (1500 MW), Puducherry- PED (100 MW), Kerala- KSEBL (400 MW) and Odisha- GRIDCO (400 MW),” the company told exchanges.

At 9.45 am, NLC India  was trading at Rs 133.05 on the National Stock Exchange, up 3.86 percent from the previous day.

The stock has gained nearly 55 percent this year.

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For the June quarter, the company reported a 14.15 percent year-on-year (YoY) decline in revenue from operations at Rs 3,316 crore. Net profit dropped 27.24 percent Rs 414 crore. The operating profit margins for the quarter remained flat on a yearly basis at 36 percent.

NLC India, a ‘Navaratna’ central public sector undertaking, is in the business of mining and power generation.

It operates lignite mines in Neyveli, Tamil Nadu. It is also involved in renewable energy projects, focusing on solar and wind power generation

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