Nalco rallies as Q3 profit beats analyst estimates
Q3 net profit more than doubled to Rs 119 crore from Rs 51 crore in a year ago quarter.
National Aluminium Company Limited (Nalco) has moved higher by 8% to Rs 50.35 after reporting a better-than-expected net profit of Rs 119 crore in the third quarter ended December 2012 (Q3) against Rs 51 crore in a year ago quarter, due to higher other income.
Analysts on an average had estimated profit of Rs 54 crore from the state-owned metal company.
The company’s total income from operations grew 17% year-on-year at Rs 1,671 crore, while income from other sources surged four-fold to Rs 113 crore over the same quarter of previous year.
The stock opened at Rs 47.40 and hit a high of Rs 51.25 on NSE. A combined 1.98 million shares have changed hands so far against an average around 85,000 shares that were traded daily in past two weeks.