NLC India, a prominent power generation company engaged in lignite mining and power generation using lignite as well as renewable energy sources, has made a significant announcement regarding a power purchase agreement signed by the company.
According to the report, NLC India Limited (NLCIL) and GRIDCO Limited inked a Power Purchase Agreement (PPA) yesterday at GRIDCO Limited’s office in Bhubaneswar.
This agreement pertains to the procurement of 400 MW during Stage 1 and another 400 MW during Stage 2 of NLCIL’s upcoming Neyveli Talabira Super Critical Thermal Power Station (NTTPP) in the state of Odisha.
With this accord, the company has successfully secured commitments for its entire 2400 MW capacity for Stage 1 of the Neyveli Talabira Super Critical Thermal Power Station.
The Power Purchase Agreement was formally executed in the esteemed presence of Prasanna Kumar Motupalli, Chairman and Managing Director, Trilochan Panda, MD of GRIDCO Limited, and Gagan Bihari Swain (Director).
Furthermore, the company has previously entered into similar agreements with Tamil Nadu, Kerala, and Pondicherry for the supply of 1,500 MW, 400 MW, and 100 MW of power, respectively, from the Neyveli Talabira Super Critical Thermal Power Station Stage-I. In the current phase, NLCIL has secured a 400 MW commitment from GRIDCO Odisha for the second phase of the 1x800 MW capacity of NTTPP.
In response to this development, the company’s shares began trading at Rs 132.35 per share, marking a 3.3% increase from the previous day’s closing price of Rs 128.35 per share on the BSE.
At the time of writing this article, shares are trading at Rs 134.15 per share on the BSE, reflecting a 4.52% increase from the previous day’s closing price. The current market capitalization of the company stands at Rs 18,602 crore, and over the past year, the stock has delivered an impressive return of 98%.
Shifting the focus to the company’s most recent shareholding pattern, we observe that Foreign Institutional Investors (FIIs) have increased their ownership from 0.67% to 0.81%, as per the most recent update. In contrast, Domestic Institutional Investors (DIIs) have also raised their stake from 6.89% to 8.02% over the same period."
Stock Chart (Monthly time frame)
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.