Nalco shares rise 4% as govt considers stake sale
Shares of country's second largest aluminium producer Nalco gained about 4% on the BSE, after the government today said it is actively considering disinvestment of 10% stake in the PSU.
The company's scrip settled for the day 3.92% higher at Rs 55.70 on the BSE, valuing the company at Rs 14,355 crore. During the day, the stock jumped 4.47% to Rs 56.
In terms of volume, about 21.4 million shares of the company changed hands on the BSE as compared to its two-week average of 10.4 million shares.
"The disinvestment of 10% Government of India shareholding in Nalco is under active consideration of the government," Minister of State for Finance SS Palanimanickam said in a written reply in the Rajya Sabha.
He added that the draft proposal in this regard has been sent to various ministries, including the Ministry of Mines, and replies are awaited.