NALCO firms up on getting mining lease for Utkal-D coal block

NALCO rose 3.91% to Rs 33.25 after the company said it received grant order for lease agreement of Utkal-D coal block in Odisha.

NALCO announced on Sunday (19 April 2020), that Department of Steel & Mines, Government of Odisha vide notification dated 16 April 2020 has issued grant order for lease agreement of Utkal-D coal block, spread over an area of 301.28 hectares under Chendipada Tehasil of Angul district in Odisha.

The Utkal-D coal block was allocated to the company in May 2016. It has initial capacity of 2 million tonnes per year with a total mineable reserve of 101.68 million tonnes.

The public sector undertaking reported a consolidated net loss of Rs 33.90 crore in Q3 December 2019 (Q3 FY20) compared with net profit of Rs 302.35 crore in Q3 December 2018 (Q3 FY19).

Net sales declined 23.2% to Rs 2088.35 crore in Q3 FY20 over Q3 FY19. During the quarter, chemical segment revenues fell by 22.43% to Rs 1,013.83 while aluminum business revenues contracted 20.92% to Rs 1,336.16 crore year-on-year (YoY).

NALCO is a Navratna group 'A' CPSE having integrated and diversified operations in mining, metal and power under Ministry of Mines, Government of India. As on 31 December 2019, Government of India holds 51.50% equity of NALCO.

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