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Nalco shares rise 4% as govt considers stake sale

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Press Trust of India Mumbai

Shares of country's second largest aluminium producer Nalco gained about 4% on the BSE, after the government today said it is actively considering disinvestment of 10% stake in the PSU.

The company's scrip settled for the day 3.92% higher at Rs 55.70 on the BSE, valuing the company at Rs 14,355 crore. During the day, the stock jumped 4.47% to Rs 56.

In terms of volume, about 21.4 million shares of the company changed hands on the BSE as compared to its two-week average of 10.4 million shares.

"The disinvestment of 10% Government of India shareholding in Nalco is under active consideration of the government," Minister of State for Finance SS Palanimanickam said in a written reply in the Rajya Sabha.

He added that the draft proposal in this regard has been sent to various ministries, including the Ministry of Mines, and replies are awaited.

 

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First Published: Mar 27 2012 | 5:17 PM IST

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