NLC India shares rise after firm emerges as successful bidder for Machhakata mine in Odisha

Shares of NLC India gained over 3% in early deals on Monday after the firm said it emerged as the successful bidder for Machhakata coal mine in Angul, Odisha. This is the second commercial coal mine block in Odisha. The coal mine block has a total coal reserve of 1,377 million tonnes with a peak rated capacity of 30 million tonnes per annum, said the navratna company. 

NLC India stock gained 3.23% to Rs 270 today against the previous close of Rs 261.55 on BSE. 

Market cap of the firm climbed to Rs 36,967 crore. 

A total of 0.78 lakh shares of the firm changed hands, amounting to a turnover of Rs 2.09 crore on BSE. Market cap of the firm rose to Rs 36,967 crore. 

In terms of technicals, the relative strength index (RSI) of NLC India stands at 68, signaling the stock is trading neither in the overbought and nor in the oversold zone. NLC India shares are trading higher than the 5 day, 10 day, 20 day 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Last week, NLC India said its lignite production climbed 22.12 per cent to 61.72 lakh tonnes (LT) in the first quarter of the ongoing fiscal. The company's lignite output stood at 50.54 LT in the year-ago period.

Coal production climbed 35.27 per cent to 28.46 LT during the first quarter of 2024-25 compared to the year-ago period, the firm under the coal ministry said.

The company's gross power generation increased to 7,553.62 MU in the June quarter over 6,843.09 MU in the year-ago period.