Nalco up nearly 3% on share buy-back plans

Shares of Nalco Monday rose by nearly 3% as the company's board will meet on Wednesday to discuss buy-back of the government's 25% stake in the aluminium maker.

The stock climbed 2.72% to settle at Rs 41.55 on BSE. Intra-day, it gained 7.91% to Rs 43.65.

At NSE, shares of the company rose by 2.46% to close at Rs 41.55.

In terms of volume, 3.25 lakh shares of the company changed hands at BSE and over 19 lakh shares were traded on NSE during the day.

Nalco on Friday said its board will meet on May 25 to discuss buy-back of the government's 25% stake in the aluminium maker.

The Centre is looking to raise around Rs 3,250 crore by selling 25% stake to Nalco after its plans to sell 10% stake in the firm to raise about Rs 1,300 crore got derailed due to volatile markets, sources had said.

"A meeting of the Board of Directors of the company will be held on May 25, 2016, inter alia, to consider the proposal for alteration In Articles of Association of the company and buyback of the fully paid-up equity shares of the company," the state-run firm said in a regulatory filing.