Navratna mining and power generation company under the ministry of coal gains 2 percent from previous day close price after it incorporates a new wholly owned green energy subsidiary which will take care and fulfil the company’s renewable energy operations.
At 10:55 a.m the shares of NLC India Limited were trading at Rs. 136.75 up 0.89 percent from its previous day close price and the market capitalization of the company is 18,983 Cr.
As, per the company’s filing, NLC India Limited(NICIL) has incorporated a wholly owned subsidiary NLC India Green Energy Limited(NIGEL). Currently projects to the tune of 2GW renewable energy under implementation included, 600 MW solar power project in Gujarat and 810 MW Solar Photovoltaic Power Project in Rajasthan will be undertaken by NLC India Green Energy Limited.
In addition to this Shri. Prasanna Kumar Motupalli, Chairman and Managing Director, NICIL has said that the newly incorporated company will take care of planning and participating in upcoming renewable energy tenders, tendering, execution and commissioning of Renewable projects and the subsidiary is expected to achieve 5 GW capacity by 2030 and contribute for carbon emission reduction.
The company’s revenue increased by 35.3 percent from 11,947.94 Cr in FY22 to 16,165.24 Cr in FY23, accompanied by increasing profits of 1,115.13 Cr to 1,425.13 Cr.
The company reported a return on equity (ROE) of 9.71 percent and a return on capital employed (ROCE) of 8.32 percent, this indicates that the company is making decent returns on its equity and capital employed.
According to the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold 79.20 percent stake, the Domestic Institutional Investors hold 12.33 percent and the Foreign Institutional Investors (FII) hold 0.81 percent.
NLC India is a Navratna mining and power generation company under the ministry of coal, it is into the mining of coal and ignite and it generates thermal power through coal and ignite and renewable energy through solar and wind energy.
Written by: Bharath K.S
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
