Share of state-owned NALCO rose 4% in early trade today after Union Coal and Mines Minister Pralhad Joshi said the firm will invest around Rs 30,000 crore over the next 7-8 years on its expansion and diversification. The stock has gained 6.38% in the last 3 days. NALCO stock touched a fresh 52 week high of Rs 50, rising 3.95% against previous close of Rs 48.10 on BSE.
NALCO share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 14.27% in one year and risen 10.55% since the beginning of this year.
In a month, the share has gained 16.16%. Market cap of the firm rose to Rs 9,179 crore. NALCO's growth plans will "contribute significantly" to government's self-reliance vision in terms of production and consumption of alumina and aluminium in the country, the minister said.
"NALCO will invest around Rs 30,000 crore by financial year 2027-28 on the company''s expansion and diversification plans," he said while addressing the 41st Foundation Day of National Aluminium Company Ltd (NALCO) at the company's headquarters in Bhubaneswar, Odisha.
Of the proposed investment, Rs 22,000 crore will be spent on smelter and captive power plant (CPP) expansions, which also include expansion of the company's smelter plant at Angul district in Odisha with construction of a 1400 MW feeder CPP.
Besides, the company will spend over Rs 7,000 crore on the 5th stream refinery, Pottangi bauxite mines, bauxite transportation system from south block & Utkal D & E coal mines.
Meanwhile, reversing two days of fall, Sensex rose 350 points to 48,445 and Nifty gained 105 points to 14,240.