Nalco surges after receiving $8 million as out-of-court settlement

National Aluminium Company surged 6.81% to Rs 40 at 10:33 IST on BSE after the company said it has received $8.05 million towards an out-of-court settlement from a US firm in connection with a case pending in the US court.

The announcement was made after market hours on Tuesday, 24 November 2015.

Meanwhile, the S&P BSE Sensex was in 136.38 points or 0.53% at 25,912.12.

On BSE, so far 3.04 lakh shares were traded in the counter as against average daily volume of 2.58 lakh shares in the past one quarter.

The stock hit a high of Rs 40.50 and a low of Rs 38.70 so far during the day. The stock had hit a 52-week high of Rs 62.50 on 26 November 2014. 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 24 November 2015, sliding 8.32% compared with Sensex's 6.17% fall. The scrip had, however, outperformed the market in past one quarter, surging 26.95% as against Sensex's 0.13% rise.

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

National Aluminium Company's (Nalco) net profit fell 33.8% to Rs 226.14 crore on 8.9% decline in net sales to Rs 1780.40 crore in Q2 September 2015 over Q2 September 2014.

Nalco is a Navratna CPSE under Ministry of Mines, Government of India (GoI). The company has integrated and diversified operations in mining, metal and power. GoI held 80.93% stake in Nalco (as per the shareholding pattern as on 30 September 2015).

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