National Aluminum Company gained 1.16% to Rs 65.35 at 9:40 IST on BSE after the Ministry of Mines said that the central government is working to expand capacity of the company to make it a major producer of aluminium globally.
The Ministry of Mines made the announcement after market hours yesterday, 28 June 2017.Meanwhile, the S&P BSE Sensex was up 186.08 points or 0.6% at 31,024.39.
On the BSE, 6,591 shares were traded on the counter so far as against the average daily volumes of 3.3 lakh shares in the past one quarter. The stock had hit a high of Rs 65.45 and a low of Rs 64.60 so far during the day. The stock had hit a 52-week high of Rs 79.85 on 7 March 2017 and a 52-week low of Rs 41.25 on 28 June 2016.
The stock has gained 6.08% in three sessions to its ruling price from a close of Rs 61.60 on 23 June 2017.
The stock had underperformed the market over the past one month till 28 June 2017, falling 5.42% compared with 0.62% fall in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 12.58% as against Sensex's 4.84% gains. The scrip, however, outperformed the market in past one year, gaining 55.29% as against Sensex's 16.25% gains.
The large-cap company has equity capital of Rs 966.46 crore. Face value per share is Rs 5.
The Ministry of Mines in order to clear any misleading information clarified that National Aluminum Company (Nalco) is a prestigious Navratna Central Public Sector Enterprise and the central government appreciates its role in the progress of the country as well as Odisha.
The central government is making all possible efforts to improve and further expand the capacity of the company so that it becomes a major producer of aluminum in India as well as at global level.
The Ministry of Mines is facilitating the company for enhancing its production capacity of alumina refinery by setting up of 1 million tonnes per annum (MTPA) alumina refinery (Stream-5), Damanjodi under phase-3 expansion of M&R unit at an estimated cost of Rs 5540 crore.
To augment the bauxite reserves of the company, the central government has recently extended the reservation of Potangi mines in favour of the company for further 5 years.
The clarification was issued yesterday, 28 June 2017 after a news item appearing in some section of the press that Government of India is trying to privatise the company through buyback and offer for sale (OFS). Due to such news items, Nalco is facing agitation by its workers.
Nalco's net profit increased 25.4% to Rs 268.37 crore on 28.3% rise in net sales to Rs 2423.26 crore in Q4 March 2017 over Q4 March 2016.
State-run Nalco has integrated and diversified operations in mining, metal and power. The GoI held 74.58% stake in Nalco as per the shareholding pattern as on 31 March 2017.
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