NLC gains after Unit I of power plant at Tuticorin qualifies for commercial operation

Neyveli Lignite Corporation rose 5.53% to Rs 80.20 at 12:35 IST on BSE after Unit-I of NLC Tamil Nadu Power, a 1000 megawatts coal based thermal power plant at Tuticorin has qualified for the commercial operation.

The company made announcement before market hours today, 8 June 2015.

Meanwhile, the BSE Sensex was down 153.01 points, or 0.57%, to 26,615.48.

On BSE, so far 2.3 lakh shares were traded in the counter, compared with an average volume of 33,207 shares in the past one quarter.

The stock hit a high of Rs 83.60 and a low of Rs 76.15 so far during the day. The stock hit a 52-week high of Rs 108.20 on 10 June 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 5 June 2015, falling 0.2% compared with 2.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, declining 3.86% as against Sensex's 9.1% fall.

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

Neyveli Lignite Corporation (NLC) said that Unit-I of NLC Tamil Nadu Power (NTPL), a 2X500 megawatts (MW), coal based thermal power plant at Tuticorin has qualified for the commercial operation. NTPL is a joint venture company of NLC with NLC holding 89% interest and TANGEDCO holding the rest. Unit I has successfully completed 72 hours of continous operation on 3 June 2015 to 6 June 2015. The Unit will now be put into commercial operation. The pre-comissioning activities in Unit II of this plant are nearing completion and this Unit will also be ready for commercial operation during this month.

Neyveli Lignite Corporation's net profit rose 36.9% to Rs 676.81 crore on 13.7% rise in total income to Rs 2204.45 crore in Q4 March 2015 over Q4 March 2014.

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 three thermal power stations with a total installed capacity of 2490 Mega Watt at Neyveli and one thermal power station at Barsingsar, Rajasthan with an installed capacity of 250 Mega Watt.

As per the shareholding pattern, the government of India holds 90% stake in NLC as at 31 March 2015.

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