Shares of NLC India Ltd rallied 5% on 8 July after the company acquired a second commercial coal mining block at Machhakata, Odisha. 

In its regulatory filing, the company said, “The company has emerged as a successful bidder for Machhakata (revised) coal mine in Angul district of Odisha subsequent to the commercial coal block E-auction held on 02.02.2024 by the Ministry of Coal.”

With a peak-rated capacity of 30 million tonnes annually, the coal mine block has an approximate total coal reserve of 1377 million tonnes.

The company’s lignite output increased 22.12% to 61.72 LT, and coal output increased 5.27% to 28.46 LT in Q1 FY 2024–2025. The company produced 90% more coal and lignite in Q1 FY 2024–2025, 90.18 LT, than 71.58 LT in Q1 FY 2023–2024.

The company’s gross power generation increased to 7,553.62 million units (MU) in Q1 FY 2023–2024, marking a 10.38% increase.

The shares of the company touched a 52-week high of Rs 279.75 on 5 February 2024 and a 52-week low of Rs 106 on 31 July 2023.

At 11:42 am, the shares of NLC India were trading 4.21% higher at Rs 272.45 on NSE.