Nalco stock closes lower post 13% intra-day spike on Thursday

BT Online        Last Updated: September 8, 2017  | 16:09 IST
Nalco stock closes lower post 13% intra-day spike on Thursday

Nalco shares on Friday were down in early trade after the stock rose around 13 percent intraday on Thursday.

At 10:53 am, the stock was trading 3.25 percent or 2 points lower at 80.40 level on the BSE. Today, the stock closed 2.47 percent lower at Rs 81.05 on the BSE.

The stock closed at 83.10 level on Thursday after rising 13 percent (intraday level) when investors became buoyant about the rising aluminium prices on the back of a bauxite shutdown in China, increase in prices of caustic soda and shortgae of supply in the markets of US and European Union, The Economic Times reported.

The stock has gained 60.71 percent on an yearly basis and 24 percent since the beginning of this year. 

National Aluminium Company Limited (NALCO) is a navratna central public sector enterprise under the ministry of mines. The firm was established on January 7, 1981 in the public sector, with its registered office at Bhubaneswar.

It is a group 'A' CPSE having integrated and diversified operations in mining, metal and power with sales turnover of Rs 7,933 crore in financial year 2016-17. Currently, the government holds 65.36% equity of NALCO.

It is engaged in the production of alumina, aluminum and power. The company operates in three segments: Chemicals, aluminium and unallocated common. Chemicals include calcined alumina, alumina hydrate and other related products. Aluminium includes aluminum ingots, wire rods, billets, strips, rolled and other related products.

Bauxite produced for captive consumption for production of alumina is included under the chemicals segment and power generated for captive consumption for production of aluminum is included under the aluminium segment.

It is engaged in various sectors, such as bauxite mines, alumina refinery, aluminum smelter and electricity generation. The firm caters to Bangladesh, Korea, Malaysia, Vietnam, Turkey, Thailand, Indonesia and Singapore, among others. 

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