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NALCO gains after JV pact with MIDHANI

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National Aluminium Company was up 1.37% to Rs 44.35 at 11:11 IST on the BSE after the company announced a joint venture with Mishra Dhatu Nigam.

The announcement was made after market hours yesterday, 8 August 2019.

Meanwhile, the S&P BSE Sensex was up by 364.37 points or 0.98% at 37,691.47.

On the BSE, 1.28 lakh shares were traded in the counter so far compared with average daily volumes of 3.59 lakh shares in the past two weeks. The stock had hit an intraday high of Rs 44.75 and hit an intraday low of Rs 44.05. The stock hit a 52-week high of Rs 78.5 on 30 August 2018. The stock hit a 52-week low of Rs 42.55 on 6 August 2019.

National Aluminum Company (NALCO) signed an agreement with Mishra Dhatu Nigam (MIDHANI) to incorporate a joint venture company (JVC) with an objective for setting up of high end aluminium alloys plant for manufacturing of plates, sheets, etc.

MIDHANI and NALCO shall initially subscribe for shares in the JVC in equal proportion. JVC may agree to induct a technology partner/technology associate/technology provider with shareholding up to a maximum of 10% of the total paid up equity in the JVC during incorporation or else may dilute up to 10% of the total paid up equity (inequal proportion) to them.

NALCO's net profit rose 13.1% to Rs 286.30 crore on 3.4% decline in net sales to Rs 2766.20 crore in Q4 March 2019 over Q4 March 2018.

National Aluminium Company has diversified operations in mining, metal and power.

The Government of India holds 52% stake in NALCO as of 30 June 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, August 09 2019. 11:14 IST