Shares of NLC India opened in the green and rallied 5% on 29 September after the company announced its plan to set up 3×800 megawatt coal-based power plants in Odisha.

The company also announced that it has signed a PPA (power purchase agreement) with an Odisha state power undertaking, GRIDCO, for the purchase of 400 megawatts of power that will be produced through the aforementioned thermal projects in Sambalpur and Jharsuguda.

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

The land acquisition process and evaluation of offers for shortlisting construction contractors who will be involved in the project are in progress.

The company is a ‘Navaratna’ central public sector company that is in the business of mining and power generation; they also operate lignite mines in Neyveli, Tamil Nadu and are also involved in renewable energy projects that focus on solar and wind power generation.

In its quarterly report for the April-June quarter, the company posted a 14.15% YoY decrease in its revenue from operations at Rs 3,316 crore and a 27.24% YoY decrease in its net profit at Rs 414 crore.

The stock has gained around 75% over the period of last 6 months.

At 10:50 am, the shares of NLC India were trading at Rs 132.60 or 3.51% above its previous close on NSE.