NALCO shares gain 2% after securing mining lease for coal blocks

Lakshmi Priya A Updated - December 26, 2024 at 01:04 PM.

On December 24, the company announced the signing of a Mining Lease Deed for the amalgamated Utkal-D and Utkal-E Coal Blocks in Angul, Odisha which would increase the company’s coal production capacity to 4.0 MTPA

Shares of National Aluminium Company Ltd. (NALCO) rose 1.76 per cent to ₹217.35 on the BSE at 9:51AM on Thursday. On December 24, the company announced the signing of a Mining Lease Deed for the amalgamated Utkal-D and Utkal-E Coal Blocks in Angul, Odisha.

According to its exchange filing, this lease will allow NALCO to enhance its coal production capacity to 4.0 MTPA.

Furthermore, the lease deed is valid until April 21, 2051.

Also read: POSCO Group restructures Indian operations in strategic intra-group deal

This increased production will significantly boost fuel security for the company’s Captive Power Plant.

The stock hit a 52-week high of ₹263.10 on November 25 and low of ₹114.70 on December 26, 2023.

Published on December 26, 2024 05:26