Nalco shares rise after Credit Suisse starts covering with 'outperform'

Shares of National Aluminium (Nalco) rose over 8 per cent in  the morning trade on Thursday after Credit Suisse, the international financial firm, started covering the stock with 'outperform' rating.

The financial firm has set a target price of Rs 57 for the stock.

"The manufacturer and distributor of aluminum products, Nalco, is amongst the low cost alumina producers globally," said Credit Suisse.

National Aluminium has 10 "buys", four "holds" and five "sell" rating.

According to Thomson Reuters, Shares of the aluminium company is in oversold region and trading near lower Bollinger band and with 14-day RSI of 27.

Shares of the company closed at Rs 41.65, up 3.48 per cent against its previous close. It touched a high and low of Rs 44.40 and Rs 40.50, respectively.

(With inputs from Reuters)