National Aluminium Company rose 4.04% to Rs 50.20 at 9:20 IST on BSE after the company said it has secured bauxite mining lease for Pottangi Bauxite mines in Koraput district of Odisha.
The announcement was made after market hours yesterday, 13 July 2016.Meanwhile, the S&P BSE Sensex was down 22.38 points or 0.08% at 27,792.80.
On BSE, so far 1.24 lakh shares were traded in the counter as against average daily volume of 4.87 lakh shares in the past two weeks. The stock hit a high of Rs 50.80 and a low of Rs 50 so far during the day. The stock had hit a 52-week high of Rs 51.40 yesterday, 13 July 2016. The stock had hit a 52-week low of Rs 28 on 25 August 2015.
The large-cap company has equity capital of Rs 1288.62 crore. Face value per share is Rs 5.
National Aluminium Company (Nalco) announced that it has been granted Pottangi Bauxite mines in Koraput district of Odisha, where the company's 22.75 lakh tonne alumina refinery is located. As per a recent order issued by the state government of Odisha, Nalco has been granted the mining lease of Pottangi with an area covering 1,738 hectares for a period of 50 years. Nalco's expansion plans, including the proposed addition of fifth stream in its existing alumina refinery at an investment of Rs 5600 crore, greatly depended on this additional source of bauxite, the company said in a statement.
Nalco's net profit declined 41.4% to Rs 207.94 crore on 3.3% growth in net sales to Rs 1836.86 crore in Q4 March 2016 over Q4 March 2015.
State-run Nalco has integrated and diversified operations in mining, metal and power. The Government of India (GoI) held 80.93% stake in the company (as per the shareholding pattern as on 30 June 2016).
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