Navratna stock rose around 12.5 percent to a 52-week high price of Rs 212.65 per share after the company began to Set Up New M-Sand Plant in Tamil Nadu.
On Wednesday, NLC India Ltd shares closed at Rs 207 per share on the National Stock Exchange, up Rs 17.90 or 9.47 percent from the previous close price, and the company has a market capitalization of Rs 28,696 crores.
As part of Green Initiatives in line with sustainable practices promoted by the Ministry of Coal, the government of India is maximizing the waste-to-wealth idea in the use of natural resources while minimizing environmental effects.
In accordance with the aforementioned initiative, NLC India has begun work on its new plant to produce civil construction Grade M-sand of 2.62 Lakh Cubic meters per year from Mine Overburden rocks at Neyveli in Tamil Nadu.
The plant is expected to be operationalized by the end of January 2024. The company reported in its exchange filing.
NLC India shares have delivered a return of 108 percent in the last six months and 131 percent in a year. A shareholder investment of Rs 1 lakhs in the company, would be worth Rs 2.08 lakhs in the last six months and a percent of 2.31 lakhs in a year.
The company’s revenues have declined by 15 percent year on year from Rs 3,489 crore in Q2FY23 to Rs 2,977 crore in Q2FY24, while net profit has increased by 160 percent in the same period, from Rs 416 crore to Rs 1,085 crore.
NLC India is a Navratna stock company engaged in the business of mining lignite and generation of power by using lignite and Renewable Energy Sources.
NLC India Limited has achieved the highest power generation of 30.08 billion units for the fiscal year 2022-23.
The company operates three opencast lignite mines in Neyveli with a total installed capacity of 28 million tonnes per annum (MTPA), one opencast lignite mine in Barsingsar, Rajasthan, with a capacity of 2.10 MTPA, and an open-cast coal mine in Talabira, Odisha, with a capacity of 20 MTPA.
The company has diversified its projects in the fields of pumped storage, lignite to methanol, lignite to diesel, battery storage, and many more.
Written by Omkar Chitnis
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