NALCO Shares Gain After Signing Mining Lease Deed For Coal Blocks In Odisha

Bhubaneswar: Shares of National Aluminium Company (NALCO) rose 1.76 per cent to Rs 217.35 on Thursday, two days after the Navaratna CPSE announced the signing of mining lease deed for amalgamated Utkal-D and Utkal-E coal blocks in Odisha.

As per reports, shares of the Bhubaneswar-headquartered aluminium major rose 1.76 per cent to Rs 217.35 on the BSE at 9:51 am on Thursday.

Experts are of the view that shares of NALCO are likely to remain in focus in Thursday’s session as the company announced the signing of mining lease deed in Odisha’s Angul district to enhance coal production capacity to 4 MTPA.

Notably, in an exchange filing made post trading hours on Tuesday, the company informed about the signing of mining lease deed for amalgamated Utkal-D and Utkal-E coal block located in Angul district of Odisha.

The company expects the lease to enhance its coal production capacity 4 MTPA, which will boost fuel security to the captive power plant. The lease deed is valid up to April 21, 2051.

NALCO is one of the largest integrated Bauxite-Alumina-Aluminium- Power Complex in the country. The government of India holds 51.28% of paid-up equity capital in the company.

NALCO has been operating its captive Panchpatmali Bauxite Mines for the pit head alumina refinery at Damanjodi in Koraput district of Odisha and aluminium smelter and captive power plant (CPP) at Angul.

The Navaratna company had reported 414.97% surge in standalone net profit to Rs 1,062.18 crore in Q2 FY25 as against Rs 206.26 crore recorded in Q2 FY24. Revenue from operations jumped 31.46% YoY to Rs 4,001.48 crore in the quarter ended 30 September 2024.