This PSU stock jumps over 2 per cent in the morning trade; here's why

Shares of the company rose more than 2 per cent on signing MoU with Grid Corporation of Odisha.

NLC India (NLCIL) has signed a memorandum of understanding (MoU) with Grid Corporation of Odisha (GRIDCO). The MoU was signed at the ‘Make in Odisha Conclave’ which was held at Bhubaneswar on December 1, 2022. The goal is to set up Ground Mounted/Floating Solar Power Projects, Pumped Hydro Storage Projects, Green Hydrogen Projects and any other renewable projects. This MoU shall enable both GRIDCO and NLCIL to achieve the National targets for Renewable Energy capacity and Energy Transition goal. 

K Mohan Reddy, Director (Planning and Projects) said in the exchange filling that, “NLCIL signed the MOU in the august presence of Naveen Patnaik, Chief Minister of Odisha and Rakesh Kumar, CMD, NLCIL.” 

NLC India is engaged in the business of mining lignite and generation of power by using lignite as well as Renewable Energy Sources. NLC India is a Navratna company, which is owned by the Ministry of Coal, Government of India. 

Today, the stock opened at Rs 84.00 and made a high and low of Rs 85.40 and 83.85, respectively on BSE. The stock has a 52-week high of Rs 92.40 and a 52-week low of 56.20. The total traded quantity of shares as of 10:46 am stands at 1,24,680.