Neyveli Lignite Corp gains after good Q2 results

Neyveli Lignite Corporation rose 3.03% to Rs 83.20 at 12:01 IST on BSE after net profit rose 32.41% to Rs 343.40 crore on 16.28% increase in total income to Rs 1853.03 crore in Q2 September 2015 over Q2 September 2014.

The result was announced after trading hours yesterday, 4 November 2015.

Meanwhile, the BSE Sensex was down 50.52 points, or 0.19%, to 26,502.40.

On BSE, so far 87,000 shares were traded in the counter, compared with an average volume of 43,069 shares in the past one quarter.

The stock hit a high of Rs 85.50 and a low of Rs 82.65 so far during the day. The stock hit a 52-week high of Rs 97.50 on 5 November 2014. The stock hit a 52-week low of Rs 65.25 on 27 March 2015.

The stock had outperformed the market over the past one month till 4 November 2015, rising 11.07% compared with 1.27% rise in the Sensex. The scrip had also outperformed the market in past one quarter, falling 3.75% as against Sensex's 5.41% decline.

The large-cap company has an equity capital of Rs 1677.71 crore. Face value per share is Rs 10.

Neyveli Lignite Corporation (NLC) operates three opencast lignite mines of total capacity of 28.5 million tonnes per annum at Neyveli and one open cast lignite mine of capacity 2.1 million tonnes per annum at Barsingsar, Rajasthan. It also operates five pithead thermal power stations with an aggregate capacity of 3240 megawatts (MW). Further, it has also so far installed nine wind turbine generators of 1.50 MW each, aggregating to 13.50 MW. The company has forayed into renewable energy sector with inauguration of a 10 MW solar photo voltaic power plant in Neyveli, thereby increasing the overall power generating capacity to 3263.50 MW.

As per the shareholding pattern as on 30 September 2015, the Government of India holds 90% stake in the company.

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