Nalco shares hit record high on stellar output, sales in FY24

Shares of National Aluminium Co. Ltd. (Nalco) rose to record high in early deals on Wednesday after the state-owned firm said it clocked the highest-ever cast metal production of 4,63,428 metric tonne, bauxite excavation of 76,00,230 metric tonne, and metal sale of 4,70,108 metric tonne in FY24. During the year, the company has also added a new aluminum alloy ingot (AL59) to its product range.

Nalco shares climbed 5.29% to a record high of Rs 174.95. Market cap of the firm rose to Rs 32,076  crore on BSE. Total 8.77 lakh shares changed hands amounting to a turnover of Rs 15.08 crore in early trade.

Earlier, the stock opened higher at Rs 167.20 on BSE. Nalco shares have a beta of 1.4, indicating very high volatility in a year. The stock has gained 118% in a year and risen 305.67% in a span of two years.

In terms of technicals, the relative strength index (RSI) of the Nalco stock stands at 63.9, signaling it's trading neither in the overbought nor in the oversold zone. Nalco shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.