Neyveli Lignite jumps, expects Rs 200 cr from lignite sales

Company plans to sell over 1 million tonnes of lignite

Neyveli Lignite Corporation is trading higher buy 2.14% at Rs 78.60 on the National Stock Exchange (NSE) after the company said it is planning to increase its raw lignite sales to over 1 million tonnes.

The company plans to sell over 1 million tonnes which is almost double that compared to last year. It will earn Rs 200 crore under this head alone.

After utilisation of lignite for its power plants, NLC has been selling lignite to various industries through e-auction such as cement industries, chemical industries, brick industries, paper industries, steel industries and sugar industries. Moreover, NLC has been selling around 1.9 million tonnes of lignite to a independent power plant at Neyveli annually as per the fuel supply agreement made with them.

The stock touched the intra-day high of Rs 80 in trades so far. As many as 1,23,753 shares have changed hands on the NSE.