Neyveli Lignite Corporation shares gained nearly 10 per cent in the early trade on Thursday after the Cabinet Committee on Economic Affairs (CCEA) gave its approval for installation of Ghatampur Thermal Power Project (GTPS) of 1,980 mw (3 X 660 MW) capacity through a joint venture company named Neyveli Uttar Pradesh Power Ltd (NUPPL).
At 9.42 am, shares of Neyveli Lignite Corporation were trading 6.84 per cent up at Rs 78.85. The scrip opened at Rs 78.80 and has touched a high and low of Rs 80.90 and Rs 77, respectively, in trade so far.
NUPPL is a joint venture between Neyveli Lignite Corporation (NLC) and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL).
According to the release, the project will be implemented at an estimated cost of Rs 17,237.8 crore including interest during construction component of Rs 3,202.42 crore. The commissioning of Unit 1, 2 and 3 will be 52 months, 58 months and 64 months, respectively, from the date of commencement.
The benefits of this generation will be available in the XIII Five Year Plan. The energy generated by the GTPS (about 14,000 MU/annum) will mainly be supplied to Uttar Pradesh.
Later, the scrip closed 5.56 per cent up at Rs 77.90 on BSE.