NLC India advanced 3.48% to Rs 86.30 after the company said that it has entered in to memorandum of understanding (MoU) with Grid Corporation of Odisha (GRIDCO) to set up renewable projects on 1 December 2022.
Under the agreement, both the companies will set up ground mounted/floating solar power projects, pumped hydro storage projects, green hydrogen projects and any other renewable projects.The company said that this MoU shall enable both the parties towards the national targets for renewable energy capacity and energy transition goal.
NLC India is a 'Navratna' government of India company in the fossil fuel mining sector in India and thermal power generation. As of 30 September 2022, the Government of India held 79.20% stake in the company.
The company reported 257.2% jump in consolidated net profit to Rs 410.92 crore on a 12.8% increase in net sales to Rs 3,489.28 crore in Q2 FY23 over Q2 FY22.
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