NLC India advances for second day; adds over 44% in one month

NLC India jumped 9.56% to Rs 77.90, extending gains for second day.

The stock has added 12.49% in two sessions, from its recent closing low of Rs 69.25 recorded on 12 October 2021.

In the past one month, the stock has zoomed 44.69% while the benchmark Sensex has added 4.95% during the same perio.

On the technical front, the stock's RSI (relative strength index) stood at 85.566. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 57.14, 59.01 and 55.95, respectively.

Yesterday, NLC India said that it is making efforts to ramp coal output from its Talabira mine in Odisha to up to 10 million tonnes per annum (MTPA) this year. The company aims to increase the coal production of the Talabira mine to up to 20 MTPA from next year onwards.

Recent Amendment to Mines and Minerals (Development and Regulation) Act on Mineral Concession Rules by Ministry of Coal, Govt. of India on 1st October 2021 has enabled the Mine for sale of excess Coal after meeting the coal requirement of End Use Plant. Accordingly, the permission from Ministry of Coal has been sought to sell the excess coal, the company said.

NLC India, a Navratna public sector undertaking (PSU), operates lignite mines and thermal power stations in Neyveli, Tamil Nadu, and Barsingsar, Rajasthan. It sells power to the state utilities of Tamil Nadu, Rajasthan, Andhra Pradesh, Kerala, Karnataka, and the Union Territory of Puducherry. The company has four lignite mines and one coal block with combined mining capacity of 50.6 mtpa, and seven thermal power stations with combined generation capacity of 4,640 MW.

The company's consolidated net profit rose 2.89% to Rs 347.69 crore on a 12.50% increase in net sales to Rs to Rs 3,036.46 crore in Q1 FY22 over Q1 FY21.

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