Price hike prop-up for Nalco

DALAL STREET SPIKES

The share price of National Aluminium Company Ltd (Nalco) closed up 3.36 per cent at Rs 180 on Friday, after hitting a high of Rs 181.50 in intra-day trades.

The stock had opened at Rs 177, higher than the previous day's close. Volumes at the counter on the Bombay Stock Exchange (BSE) were of the order of 3.38 lakh shares.

The spike in the shares was due to the announcement that it had increased the prices of aluminium by Rs 3,300 per tonne with effect from April 1. The hike in prices is due to the firming up of global aluminium prices. In this year so far the prices of aluminium on the London Metal Exchange have risen by around 7.5 per cent.

The stock has witnessed a lot of volatility in recent months and in February the prices fluctuated between a wide range of Rs 160 and Rs 190.