NTPC, the country's largest power producer, announced on Wednesday that the company has signed an agreement on Jun. 15, 2015 with Jammu and Kashmir State Power Development Corporation (JKSPDCL) for promoting a joint venture company with 67:33 equity participation for undertaking exploration, development and operation of jointly allocated Kudanali-Luburi Coal Block at Odisha by Ministry of Coal.

Earlier, the company announced a decline in standalone net profit for the quarter ended March 2015.  During the quarter, the profit of the company declined 4.83% to Rs 29,440.30 million from Rs 30,935.40 million  in the same quarter previous year. Revenues for the quarter declined 8.20% to Rs 193,145.80 million, compared with Rs 210,388.30 million for the prior year period.

Shares of the company declined Rs 0.65, or 0.47%, to settle at Rs 136.95. The total volume of shares traded was 456,397 at the BSE (Wednesday).