Shares of NLC India rose 3% after the company signed a power usage agreement with Telangana state government.

What Happened: NLC India signed a power usage agreement with Telangana state discoms for 200 megawatts of solar power at a competitive and affordable price under the central public sector undertaking (CPSU) scheme for 25 years. 

The Navratna company's solar power project is set to generate around 1,300 crore units of green power and offset 90 lakh tons of carbon emission in its life time, the company said. NLC India added that it has been supplying more than 234 mega watt of thermal power to the state of Telangana for more than three decades. 

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In its Q1 results, the company reported a 38.23% year-on-year increase in net profit to ₹559.42 crore. Its revenue went up 1.80% to ₹3,376.05 crore. The company's power generation increased to 7,554.08 million units from 6,843.42 million units  in the previous year.

Price Action: Shares of NLC India rose 3.62% to ₹286.30 on Thursday. 

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