Mumbai: Shares of National Aluminium Company Ltd (Nalco) gained around 8% on Monday as the company received a grant order for lease agreement of the Utkal-D coal block in Odisha.
The stock ended at ₹34.20, up 7% on Monday. “The Department of Steel & Mines, Government of Odisha, vide notification dated 16 April 2020 has issued grant order for lease agreement of Utkal-D coal block, spread over an area of 301.28 hectares under Chendipada Tehsil of Angul district in Odisha," Nalco said in an exchange filing.
The Utkal-D coal block was allocated to the company in May 2016. It has an initial capacity of 2 million tonnes per year with a total mineable reserve of 101.68 million tonnes.