NLC India rises about 12% in two days

NLC India rose 1.59% to Rs 60.80, extending gains for second day.

The stock has added 11.97% in two sessions from its recent closing low of Rs 54.30 recorded on 26 February 2020.

Shares of NLC India spurted 10.22% to end at Rs 59.85 on Thursday after the company said its board declared an interim dividend of Rs 7.06 per equity share for the Financial Year 2019-20.

The stock offers a dividend yield of 11.61% based on the current price of Rs 60.80 on BSE.

The interim dividend will be paid to shareholders on or before 13 March 2020, the company said in a statement issued during trading hours on Thursday, 27 February 2020.

The public sector undertaking's consolidated net profit jumped 15% to Rs 398.75 crore on a 2.1% rise in net sales to Rs 2,742.60 crore in Q3 December 2019 over Q3 December 2018.

NLC India, formerly Neyveli Lignite Corporation, is engaged in the power business. The firm's segments are lignite mining and power generation. It is operating approximately four lignite mines, including over three lignite mines at Neyveli, Tamil Nadu and approximately one lignite mine at Barsingsar in the State of Rajasthan with a total capacity of over 30.60 metric tons per annum (MTPA).

As of 31 December 2019, the Government of India held 81.99% stake in the company.

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