Nalco gains as board to consider share buyback proposal

National Aluminium Company rose 4.57% to Rs 42.30 at 14:20 IST on BSE after the company said that a meeting of the board of directors of the company will be held on 25 May 2016 to consider the proposal for buyback of shares of the company.

The announcement was made after market hours on Friday, 20 May 2016.

Meanwhile, the S&P BSE Sensex was up 82.70 points or 0.33% at 25,385.67.

On BSE, so far 1.86 lakh shares were traded in the counter as against average daily volume of 2.26 lakh shares in the past one quarter. The stock hit a high of Rs 43.65 and a low of Rs 42.15 so far during the day. The stock had hit a 52-week high of Rs 49.60 on 2 June 2015. The stock had hit a 52-week low of Rs 28 on 25 August 2015. The stock had underperformed the market over the past one month till 20 May 2016, falling 8.28% compared with Sensex's 2.1% fall. The scrip had, however, outperformed the market in past one quarter, gaining 20.93% as against Sensex's 6.72% rise.

The large-cap company has equity capital of Rs 1288.62 crore. Face value per share is Rs 5.

National Aluminium Company (Nalco)'s net profit fell 62.3% to Rs 133.49 crore on 13.9% decline in net sales to Rs 1615.97 crore in Q3 December 2015 over Q3 December 2014. Nalco will announce its Q4 results on 28 May 2016.

State-run Nalco has integrated and diversified operations in mining, metal and power. The Government of India (GoI) held 80.93% stake in the company (as per the shareholding pattern as on 31 March 2016).

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