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NLC India spurts after board approves liberal interim dividend

Capital Market 

NLC rose 7.78% to Rs 104.60 at 11:23 on after the company said its board approved interim dividend of Rs 7.34 a share for the financial year ending March 2017.

The announcement was made after market hours yesterday, 20 March 2017.

Meanwhile, the S&P Sensex was down 67.20 points, or 0.23% to 29,451.54.

On the BSE, 1.93 lakh shares were traded in the counter so far, compared with average daily volumes of 47,046 shares in the past one quarter. The stock had hit a high of Rs 106.85 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 102.05 so far during the day. The stock hit a 52-week low of Rs 66.10 on 22 March 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 4.13% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.97% as against Sensex's 12.20% rise.

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

The interim dividend will be paid to shareholders on or before 31 March 2017, NLC said in a statement.

The NLC stock offers a dividend yield of 7.56% based on the closing price of Rs 97.05 yesterday, 20 March 2017.

NLC India's net profit surged 1778.04% to Rs 336.17 crore on 50.58% rise in net sales to Rs 1892.47 crore in Q3 December 2016 over Q3 December 2015.

NLC India operates lignite mines, pithead thermal power stations and also has operations in renewable energy sector.

As per the shareholding pattern as on 31 December 2016, the Government of India held 90% stake in the company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 21 2017. 11:13 IST