NLC India forays into renewable energy

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NLC India, announced that the company is to set up a solar power plant at a cost of Rs 2170 crore, having a capacity of 500 MW in Tamil Nadu. The set-up will be a part of NLC India’s Solar Mission of 4000 MW in various parts of the country.
The company also announced the successful working up of its 10 MW pilot Solar Power Plant near Neyveli Air strip, which will was operational on an experimental basis at a cost of Rs 75 crore, earlier.
The success of the project, paved the way for the company to add 130 MW (65 MW x 2) Solar Power Units at  Neyveli and the work was assigned to BHEL and Jackson Engineers Ltd., each allocated 65 MW. About 650 acres in north and west side of the Neyveli Township were apportioned for this purpose.

Stock view:-
NLC India Ltd is currently trading at Rs 96.5, down by Rs 0.2 or 0.21% from its previous closing of Rs 96.7 on the BSE.
The scrip opened at Rs 96.75 and has touched a high and low of Rs 97.3 and Rs 96.25 respectively. So far 134192(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 16223.46 crore.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 100.1 on 27-Jan-2017 and a 52 week low of Rs 60.35 on 01-Mar-2016. Last one week high and low of the scrip stood at Rs 100.1 and Rs 93 respectively.
The promoters holding in the company stood at 90 % while Institutions and Non-Institutions held 8.3 % and 1.7 % respectively.The stock is currently trading above its 50 DMA.

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