Shares of NLC India Ltd. gained over 6% on Friday after signing a power purchase deal with the Grid Corporation of Odisha and setting up three power projects in Odisha.
The company will set up three 800 MW coal based thermal power projects at Jharsuguda and Sambalpur districts in Odisha, according to a company exchange filing.
It has also entered into a long-term power purchase agreement with Grid Corporation of Odisha for 400 MW on Sept. 28, the filing said.
“With this, the entire Power of 2400 MW has been tied up on long term basis with Tamil Nadu— Tangedco (1500 MW), Puducherry— PED (100 MW), Kerala— KSEBL (400 MW) and Odisha— Gridco (400 MW),” it said.
Shares of NLC India rose as much as 6.4%, the highest since Sept. 25, before paring gains to trade 4.41% higher, compared to a 0.72% advance in the NSE Nifty 50, as of 1:15 p.m.
The stock has risen 55.23% year-to-date. Total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 52.9.
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