Nalco surges on share buyback proposal

National Aluminium Company rose 5.95% to Rs 43.65 at 11:08 IST on BSE after the company announced that a meeting of its board of directors will be held on 22 April 2016, inter alia, to consider the proposal for buyback of equity shares of the company

The announcement was made after market hours on Wednesday, 13 April 2016. The stock market was closed on 14 April 2016 and 15 April 2016 on account of holidays.

Meanwhile, the S&P BSE Sensex was up 130.50 points or 0.51% at 25,757.25.

On BSE, so far 3.97 lakh shares were traded in the counter as against average daily volume of 1.98 lakh shares in the past one quarter. The stock hit a high of Rs 44 and a low of Rs 42.60 so far during the day. The stock had hit a 52-week high of Rs 50.90 on 12 May 2015. The stock had hit a 52-week low of Rs 28 on 25 August 2015. The stock had outperformed the market over the past one month till 13 April 2016, surging 7.15% compared with Sensex's 3.68% rise. The scrip had also outperformed the market in past one quarter, advancing 11.5% as against Sensex's 3.11% 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 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.

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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