NLC India rises after plan to invest in renewables unit

NLC India

21/11/2024 06:26

** Shares of NLC India  NLCI.NS  rise 3.3% to 244.85 rupees
** The mining and power generation co's board gave in-principle
approval to invest in subsidiary NLC India Renewables by
subscribing to shares
    ** Renewable assets of co will be transferred to NLC India
Renewables under the asset monetization plan
    ** Board also approved investing up to 37.2 bln rupees
($440.59 million) in various renewable projects
    ** Trading vols at 3.2 mln, 2.6x 30-day average
    ** Stock down ~3% YTD
     
    ($1 = 84.4330 Indian rupees)

(Reporting by Vijay Malkar)
((mailto:VijayDattaram.Malkar@thomsonreuters.com;))