NALCO added 2.91% to Rs 49.50 after the Ministry of Coal announced Rs 30000 crore expansion plan for the company.
Union Minister for Coal & Mines Pralhad Joshi said that NALCO will invest around Rs 30,000 crore by financial year 2027-28 on the company's expansion and diversification plans.
Out of this proposed investment, the company will spend over Rs 7,000 crore on the fifth stream refinery, Pottangi bauxite mines, bauxite transportation system from south block & Utkal D & E coal mines. Remaining Rs 22,000 crore will be spent on smelter and captive power plant (CPP) expansions, which also include expansion of the company's smelter plant at Angul district in Odisha with construction of a 1400 MW feeder CPP.
"With the ambitious growth plans that NALCO has for the future, it will contribute significantly to the alumina and aluminium sectors having a multiplier effect in the production and consumption of this strategic metal and achieve Aatmanirbhar Bharat vision under the stellar leadership of Prime Minister Narendra Modi," Joshi said.
NALCO is a Navratna group 'A' CPSE having integrated and diversified operations in mining, metal and power under Ministry of Mines, Government of India. As of 30 June 2020, the Government of India held 51.50% equity of NALCO.
The company reported a consolidated net profit of Rs 107.27 crore in Q2 FY21 as compared to a net loss of Rs 28.25 crore in Q2 FY20. Net sales during the quarter remained flat at Rs 2374.89 crore.
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