NLC India up 1%, GMDC rises over 3% as Coal Ministry allocates commercial coal mines; check details

Last seen, NLC India shares were up nearly 1% at ₹283.10 while GMDC stock was trading over 3% higher at ₹376.60 on the BSE.

Of these three coal mines, one is a fully explored coal mine and two are partially explored coal mines, the ministry said in its press release. 

The cumulative peak rated capacity (PRC) of the three coal mines for which vesting orders have been issued is nearly 30.00 MTPA, and they have nearly 2,194.10 MT of geological reserves. These mines are expected to generate an annual revenue of nearly ₹2,991.20 crore calculated on the basis of PRC and will attract capital investment of nearly ₹4,500 crore. It will provide employment to approximately 40,560 people both directly and indirectly.

The press release further said that including three coal mines for which orders were issued on September 5, vesting/allocation orders have been issued for a total of 95 coal mines till date with a cumulative PRC of nearly 202.50 MTPA.

"This will result in generating annual revenue of nearly ₹29,516.84 crore calculated on the basis of PRC of the mines and will generate employment for 2,73,773 people both directly and indirectly," it added.

NLC India, GMDC stock performance

NLC India reported a 37% rise in consolidated profit at ₹566.69 crore for the quarter ended June 30, 2024. The company had posted a net profit of ₹413.57 crore in the year-ago period. The income of the company in the April-June period rose to ₹3,640.60 crore, over ₹3,428.48 crore in the year-ago period.