National Aluminium Company Ltd (NALCO) share price gained in trade today after the aluminium manufacturer announced a record 115% dividend payout amounting to Rs 1,072.73 crore for 2018-19. NALCO share price rose up to 4.26% to Rs 46.40 compared to the previous close of Rs 44.50 on BSE.
NALCO share price has gained after two days of consecutive fall. The mid cap stock has lost 34% during last one year and fallen 31% since the beginning of this year. However, the stock has gained 9% during the last one month.
The Navaratna PSU announced it declared its highest ever dividend on the occasion of the 38th Annual General Meeting (AGM) yesterday.
"This is the highest dividend payout since the inception of the company in 1981 which works out to Rs 5.75 per equity share of Rs 5 each," the company said.
Dividend including the applicable dividend distribution tax works out to a payout of 74.65 per cent of the profit after tax against 98.81 per cent of previous financial year.
For 2018-19, the central public sector undertaking clocked its highest ever net profit in a decade. The firm logged a 29 per cent rise in its net profit at Rs 1,732 crore for 2018-19 (FY19) on the back of earnings from exports of surplus alumina. Its sales rose 21% to Rs 11,386 crore for the fiscal.
Edited by Aseem Thapliyal