Divestment drive for National Aluminium

DALAL STREET SPIKES

National Aluminium Co (Nalco) stock witnessed buying interest as government plans to divest 20 per cent stake in the company. The stock in the intra-day trades hit a high of Rs 148.90, before closing at Rs 146.50, up 3.72 per cent from its previous close.

More than 12 lakh shares changed hands at the counter on BSE on Friday. The stock had slipped in the past few trading sessions after the company announced a cut in aluminium prices from June 1. From a recent high of Rs 190.25 on March 16, the stock plunged 25.7 per cent to a low of Rs 141.25 on June 2.

An equity dealer with a domestic broking firm said, "The news of divestment by government re-generated buying interest in the counter on Friday." The government currently holds 87.15 per cent stake in Nalco.