NLC India shares rose up to 5 per cent on November 22 after the company announced it had emerged as the highest bidder (H1) for the New Patrapara South coal mine in Odisha’s Angul district. The designation is given by the coal ministry following the commercial coal block e-auction conducted on November 21.
At 2:50 pm, NLC India shares were trading 4 per cent higher at Rs 263. While the stock has gained 5 per cent so far this year, it has underperformed the Nifty 50, which has gained 9 per cent during the same period. Today marked the fourth consecutive session of gains for the company’s stock.
The New Patrapara South coal mine has total geological reserves of about 720.9 million tonnes with a maximum rated capacity of 12 million tonnes per annum. Official confirmation of NLC India’s successful bid is awaited from the coal ministry. This will be the company’s third commercial coal mine as it continues to expand its capacity. NLC India reported challenging financial performance for the September quarter.
The company’s standalone net sales fell 13.4 per cent to Rs 2,139.2 crore as against Rs 2,471.3 crore in the same period last year. Net profit fell nearly 70 per cent to Rs 339.4 crore as against Rs 1,121.41 crore a year ago.
EBITDA stood at Rs 743.12 crore, down 25.5 per cent from Rs 997.84 crore in September 2023. NLC India is engaged in the business of mining of lignite and generation of power using lignite as well as renewable energy sources.
NLC India shares jump 5% after it emerges as top bidder for Odisha coal mine
