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NLC India jumps 5% as ICRA reaffirms rating on NCDs worth Rs 2,000 cr

That apart, NLC India has also participated in the bidding for 20 blocks in the initial phase of the auction for critical mineral blocks in India.

NLC India

SI Reporter Mumbai

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Shares of NLC India almost hit the 5 per cent maximium limit for the day at Rs 231.85 (as against Rs 231.90) in today's special trading session on the BSE as ICRA reaffirmed its credit rating. 

At 9:45 am, the stock traded around Rs 231, up 4.6 per cent on volumes of around 45,000 shares. The stock exchanges have capped the maximum permissible limit at 5 per cent for today's special trading sessions for all stocks. Meanwhile, the S&P BSE Sensex was up 0.2 per cent at 73,900 levels.

Last month, NLC India had plunged over 14 per cent even as the Sensex notched 1.2 per cent gain.

According to a release issued by the company to the BSE, ratings agency ICRA has reaffirmed its ICRA-AAA rating with 'Stable' outlook on the company's long-term non-convertible debentures worth Rs 2,000 crore.

That apart, the company NLC India alongside Vedanta, Coal India, Ola Electric, Jindal Power, Shree Cement and the Dalmia Group among others have participated as bidders for 20 blocks in the initial phase of the auction for critical mineral blocks in India.

The Ministry of Mines on Thursday said that it has received more than 50 bids for the First Tranche of Auction of Critical and Strategic Minerals.

These blocks represented a diverse array of critical and strategic minerals essential for various industries. These blocks consisted of minerals like Glauconite, Nickel, PGE, Potash, Graphite, Molybdenum, Phosphorite, Lithium, and REE. These blocks are spread across states of Bihar, Chhattisgarh, Gujarat, Jharkhand, Odisha, Tamil Nadu, Uttar Pradesh and Union Territory of Jammu and Kashmir.

“The bidders represent a wide array of sectors like mining companies, EV manufacturers, cement producers, the energy sector, etc. Notable among them are Vedanta Ltd, Coal India Ltd, NLC India Ltd, Shree Cement, Orient Cements, Ola Electric, Dalmia Group, Rungta Group, and Jindal Power, etc.,” the ministry said. READ MORE

Among other participant bidders, shares of Orient Cement were up 1 per cent, while most others traded on a mixed note with marginal movement on either side the previous trading sessions' respective close.

 

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First Published: Mar 02 2024 | 10:01 AM IST

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