 "power companies, coal")
Shares of state owned NLC India fell up to 4.9 per cent at Rs 193 per share on the BSE in Wednesday’s intraday trade. This came after the company informed the bourses on Tuesday that it plans to raise upto $600 million through Direct route subject to RBI guidelines.
NLC India’s board of directors are set to meet on June 10, 2024 to consider and approve foreign currency loan through external commercial borrowings (ECB) up to $600 Million.
The board will also consider seeking external assistance from the multilateral development bank (MDBs) through the Department of Economic Affairs (DEA) for upcoming renewable power projects, the company said in an exchange filing.
In the fourth quarter of fiscal year 2023-24 (Q4FY24), NLC India witnessed a significant 86 per cent year-on-year decrease in its consolidated net profit, amounting to Rs 114 crore. Sequentially, the profit also declined by 55 per cent.
Despite this, the country's largest lignite miner recorded a consolidated total income of Rs 4,035 crore, contrasting with Rs 3,246 crore in Q3 FY24 and Rs 5,856 crore in Q4 FY23.
For the entire FY24, the Navratna company reported a 31 per cent year-on-year increase in consolidated net profit, reaching Rs 1,868 crore, with consolidated total income standing at Rs 13,946 crore.
The PSU is a navratna company under the Ministry of Coal. Its core business is mining and power generation.
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The share of the company has rallied 10.73 per cent in the last six months, while it has slumped 19.54 per cent year to date.
At 11:31 AM; the stock of the company recovered most of its early losses to trade 0.49 per cent lower at Rs 202.70 per share. By comparison the BSE Sensex was up 2.32 per cent. The stock is currently trading at a price to earnings multiple of 15.15 times, with an earning per share of Rs 13.32.
