NLC strengthens on signing MoU to set up power/mines projects in Tamil Nadu
NLC India is currently trading at Rs. 68.20, up by 0.35 points or 0.52% from its previous closing of Rs. 67.85 on the BSE.
The scrip opened at Rs. 67.50 and has touched a high and low of Rs. 68.20 and Rs. 67.50 respectively. So far 315 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 106.45 on 01-Feb-2018 and a 52 week low of Rs. 65.00 on 10-Jan-2019.
Last one week high and low of the scrip stood at Rs. 68.85 and Rs. 67.60 respectively. The current market cap of the company is Rs. 9408.33 crore.
The promoters holding in the company stood at 84.42%, while Institutions and Non-Institutions held 13.01% and 2.58% respectively.
NLC India has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up a 15.5 Million Tonnes Per Annum (MTPA) capacity Lignite Mines, 2640 MW Lignite based Thermal Power Project and 1000 MW Renewable (Solar) Project in Tamil Nadu at an estimated cost of Rs 23,800 crore. As per MoU, Tamil Nadu Government will provide facilitation and support to the company in the form of necessary infrastructural support for setting up the projects. Already, the company has a joint Venture Project of 1000 MW Coal based Thermal Power Station with TANGEDCO, operating at Tuticorin, Tamil Nadu.
NLC India is engaged in the business of lignite mining and power generation. At present, the company has four opencast lignite mines.
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