Nalco weakens after Q4 net drops 30%

The aluminium major reported 30% drop in net profit at Rs 172 crore for the quarter ended March 2014

Shares of National Aluminium Company Ltd (Nalco) were trading over 2% lower at Rs 50 after the aluminium major reported 30% drop in net profit at Rs 172 crore for the quarter ended March 31 because of lower income and increase in expenses.

The company had registered net profit of Rs 246 crore in the same quarter last fiscal, the company said in a release on the BSE.

Total income for the quarter under review was marginally lower at Rs 1,838.20 crore compared with Rs 1,867.27 crore in the corresponding quarter last fiscal.

Total expenses of the state-owned metal major increased to 1,670 crore compared with Rs 1,582 crore in the same quarter last fiscal.

The stock opened at Rs 52.35 and touched a high of Rs 52.65 and a low of Rs 50.10 on the BSE so far. Over 2.2 million shares were traded on both the stock exchanges so far.