This S&P 500 stock is a PSU, held 79% in the President of India’s portfolio with a market cap of Rs. 18,380 crore. The stock rose 6.5% within the first hour of markets opening and trades now at Rs. 132.55, up from Rs. 128.35 at closing on Thursday.
The stock is 10% away from 52 week high and currently trading 1.5% away and 40% respectively from its 20 day and 200 day moving averages respectively.
NLC India Ltd (‘NLCIL”) announced in a filing dated 28th September 2023 that the company and and GRIDCO Limited signed a Power Purchase Agreement (PPA) today in GRIDCO Limited in Bhubaneswar for 400MW in Stage-1 and 400 MW in Stage-2 of NLCIL’s proposed Neyveli Talabira Super Critical Thermal Power Station (NTTPP) in Odisha. With this agreement, NLCIL has tied up its full capacity of 2400 MW of Neyveli Talabira Super Critical Thermal Power Station Stage-1.
In the august presence of Shri M. Prasanna Kumar Motupalli, Chairman & Managing Director (CMD), NLC India Ltd and Shri Trilochan Panda, Managing Director, GRIDCO Limited and Shri Gagan Bihari Swain, Director (F&CA), GRIDCO Limited, the Power Purchase Agreement was signed by Shri. M Venkatachalam, Director/Power, NLC India Limited and Shri. Umakanta Sahoo, Director (T&BD), GRIDCO Limited.
NLCIL has already signed a similar agreement in the past with Tamil Nadu, Kerala and Pondicherry for 1,500 MW, 400 MW, and 100 MW power supply respectively from Neyveli Talabira Super Critical Thermal Power station Stage-I and in the second phase of 1×800 MW capacity of NTTPP, 400MW is tied up now with GRIDCO Odisha today.
NLCIL operates in the mining and power generation business in India. Aside from 79% President’s Holding, the company is held 12.3% by DIis and 0.8% by FIIs and the remaining by the public.
Written by Sandeep R
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