 "Nalco announces it paid its highest ever dividend for FY19, stock gains 4%")
Shares of National Aluminium Company (Nalco) rallied as much as 4.26 per cent to Rs 46.40 apiece in the opening deals on Thursday after the company announced a record 115 per cent dividend payout amounting to Rs 1,072.73 crore for 2018-19.
The aluminium major on Wednesday declared its highest ever dividend on the occasion of the 38th Annual General Meeting (AGM) of the Navaratna PSU and said it has reflected continuation of its bull run.
Dividend including the applicable dividend distribution tax works out to a payout of 74.65 per cent of the PAT against 98.81 per cent of previous financial year.
Till 2018-19 fiscal, Rs 32,886 crore was paid towards taxes, duties, royalties and dividend. Out of this, Rs 25,917 crore was paid to the Central Government and Rs 6,969 crore to the state government, news agency PTI reported. CLICK TO READ FULL REPORT
"Year 2018-19 has been an extremely rewarding year for NALCO on all fronts. We have not only excelled in making production, profit, productivity and people engagement, we have also made exemplary contribution in promoting and putting focus on nature, nurture and future," Tapan Kumar Chand, CMD of the company, said on the sidelines of the AGM.
The aluminium giant posted highest-ever sales turnover and export earnings in 2018-19, while it earned highest ever PAT in last 10 years, he said adding the company achieved the best performance in a decade with Rs 1,732 crore net profit, a growth of 29 per cent over the previous year.
At the bourses, shares of Nalco have underperfomed market by falling 32 per cent year-to-date (YTD) while the benchmark Nifty50 index has remained flat, down 0.20 per cent. The Nifty metal index, on the other hand, has lost around 24 per cent during the same period, ACE Equity data show.
At 09:51 am, the stock was trading 1.24 per cent higher at Rs 45.05 apiece on the BSE. In comparison, the benchmark S&P BSE Sensex was trading 202 points or 0.55 per cent lower at 36,362 levels.
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