NLC India gains 3% on long term power usage pact with Rajasthan govt

The pact is for the supply of 300 MW solar power to the state of Rajasthan for the next 25 years, under the CPSU scheme.

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Shares of NLC India rose over 3 percent on August 18 after the state-owned entity entered into a long term power usage agreement with Rajasthan Urja Vikas Nigam.

The pact is for the supply of 300 MW solar power to the state of Rajasthan for the next 25 years, under the CPSU scheme.

Annually, the project aims to generate a substantial 750 million units of power, all of which will be environmentally friendly, and this entire green energy output will be supplied to Rajasthan. This initiative will assist the state in fulfilling its commitments towards Renewable Purchase Obligation objectives.

At 9:47 am, shares of the company were trading 2.3 percent higher at Rs 128.2 on the BSE. The stock has shot up close to 50 percent in the past three months.

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The company has secured 510 MW Solar Project capacity in the CPSU Scheme Phase 11 Tranche-III floated by the Indian Renewable Energy Development Agency (IREDA) through competitive bidding, NLC India said in a regulatory filing.

It added that a 300 MW solar project capacity is under execution at Barsingsar, in the Bikaner District of Rajasthan.

The financials

The Navratna Central Public Sector Undertaking, under the administrative control of the Ministry of Coal, is presently having 1,421 MW of Renewable Energy capacity. As per the Corporate Plan of the company, it contemplates establishing 6,031 MW capacity by 2030.

NLC India’s net profit for the June quarter declined 27 percent on-year to Rs 413.57 crore along with a 14 percent fall in revenue from operations at Rs 3,316.5 crore. It is engaged in mining and power generation.

The company operates lignite mines in Tamil Nadu and Rajasthan, producing and supplying lignite to thermal power stations across India.

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