Nalco gains as government starts disinvestment process

National Aluminium Company (Nalco) has rallied 5% to Rs 61.15 on reports that the government has initiated the process of 10% stake sale in state-owned aluminium company. The government currently holds 87.15% stake, is proposed to raise around Rs 12,000 crore through disinvestment in Nalco

“Disinvestment Department has moved a cabinet note for 10% stake sale in Nalco. It will come up before the Cabinet Committee on Economic Affairs (CCEA) soon,” the PTI report suggests quoting company’s top official.

The stock opened at Rs 60.95 and touched high of Rs 61.40 on the Bombay Stock Exchange. A combined 105,782 shares have changed hands on the counter so far on both the exchanges.