Nalco announces it paid its highest ever dividend for FY19, stock gains 4%

At the bourses, shares of Nalco have underperfomed market by falling 32 per cent year-to-date (YTD) while the benchmark Nifty50 index has remained flat, down 0.20 per cent.

Shares of National Aluminium Company (Nalco) rallied as much as 4.26 per cent to Rs 46.40 apiece in the opening deals on Thursday after the company announced a record 115 per cent dividend payout amounting to Rs 1,072.73 crore for 2018-19.

The aluminium major on Wednesday declared its highest ever dividend on the occasion of the 38th Annual General Meeting (AGM) of the Navaratna PSU and said it has reflected continuation of its bull run. 

Dividend including the applicable dividend distribution tax works out to a payout of 74.65 per cent of the PAT against 98.81 per cent of previous