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NLC India stock rises over 2% on agreement with state-run NHPC for power trading

BusinessToday.In     February 19, 2019

The NLC India stock rose in trade today after the state-run firm said it has inked an agreement with state-run hydro power giant NHPC for power trading.  NLC India share price rose up to 2.33% to 63.60 level compared to the previous close of 62.15 on the BSE. NLC India share has been rising for the last two days and gained 2.76% during the period.  NLC India share has lost 37.19% during the last one year and fallen 9.55% since the beginning of this year.

NLC India share price was trading below its 50-day and 200 day moving average of 66.12 and 73.42 levels, respectively. NHPC share price was trading 1.07% higher at 23.60 level on the BSE. 

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"MoU between NLC India and NHPC Ltd, in the area of Power Trading, was signed by A Ganesan, executive director/commercial, NLC India, and D Chakraborty, CGM/finance, NHPC, on February 18, 2019 in Chennai," a statement said.

According to the statement, through this MoU, NHPC and NLC India will offer surplus power available in the northern and northeast region to the bulk consumers in southern region at an affordable tariff. This MoU will create a win-win situation for the generators and bulk consumers.

NLC India, formerly Neyveli Lignite Corporation Limited, is engaged in the power business. The company's segments are lignite mining and power generation.

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It is operating approximately four lignite mines, including over three lignite mines at Neyveli, Tamil Nadu and approximately one lignite mine at Barsingsar in Rajasthan with a total capacity of over 30.60 metric tons per annum (MTPA). It is operating over four thermal power stations at Neyveli, Tamil Nadu and approximately one thermal power station at Barsingsar, Rajasthan, with a total installed capacity of over 3,240 megawatts (MW).

NHPC is engaged in electricity generation. The company is engaged in electric power generation by hydroelectric power plants.

The company is also engaged in contracts, project management and consultancy works. Its power stations include Bairasiul, Salal, Chamera-I, Tanakpur, Dhauliganga, Rangit and Loktak. Its focuses on Teesta Low Dam-IV Hydroelectric Project (160 megawatt), West Bengal; Kishanganga Hydroelectric Project (330 megawatt), Jammu and Kashmir; Parbati- II Hydroelectric Project (800 megawatt), Himachal Pradesh, and Subansiri Lower Hydroelectric Project (2,000 megawatt), Assam/Arunachal Pradesh.

Edited by Aseem Thapliyal

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