PSU stock jumps 6% on setting up thermal power plants in Odisha
The firm also said it has entered into a long-term power-purchase agreement (PPA) with GRIDCO for 400 megawatts on September 28, 2023. “With this, the entire power of 2400 MW has been tied up on a long-term basis with Tamil Nadu- TANGEDCO (1500 MW), Puducherry- PED (100 MW), Kerala- KSEBL (400 MW) and Odisha- GRIDCO (400 MW),” the company said in an exchange filing.
At 11.01 a.m., the scrip was trading 3.2% at Rs 132.4 on BSE.
The stock has also risen over 45% YTD, while it has surged over 65% in the past year.
In terms of technicals, the stock's day RSI (14) is at 45.4. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed.
MACD is at 1.7, above its Center Line, but below the signal line.
According to the latest shareholding pattern, as of June 30, 2023, 79.2% of the company's shareholding is with promoters, 0.8% with FIIs, 5.1% with mutual funds, and 13.1% with institutions.
In Q1 FY24, NLC India reported a 28% year-on-year (YoY) fall in net profit at Rs 404.7 crore. In the corresponding quarter last year, NLC India posted a net profit of Rs 561.8 crore.
In the June quarter, total revenue stood at Rs 3,316.5 crore during the period under review, declining 14.1% against Rs 3,862.9 crore in the corresponding period of the preceding fiscal.
However, at the operating level, EBITDA jumped 24.4% to Rs 1,194.2 crore in the first quarter of this fiscal over Rs 1,580 crore in the corresponding period in the previous fiscal.
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