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Nalco melts after dismal financial performance

Capital Market 

Investors punished shares of National Aluminum Company after the company reported weak earnings for the recently concluded quarter ended 30 June 2019.

Shares of the National Aluminum Company (Nalco) are currently trading lower by 8.04% at Rs 39.45. The state-run aluminium producer's consolidated net profit dropped 84.4% to Rs 97.87 crore on a 29.9% decline in net sales to Rs 2084.08 crore in the recently concluded quarter ended 30 June 2019 over its previous corresponding period. This result was announced by the company after close of trading hours yesterday, 13 August 2019.

Meanwhile, S&P BSE Sensex was up 145.21 points or 0.39% at 37,103.37.

The stock declined on higher volume. On BSE, 5.11 lakh shares were traded in National Aluminum Company counter, higher than its 2-week average of 4.06 lakh shares. The stock has hit a high of Rs 41.50 so far during the day. The scrip hit an intraday low of Rs 39.60, also its 52-week low. It's 52-week high of Rs 78.50 was hit on 30 August 2018.

National Aluminium Company is engaged in the production of alumina, aluminum and power. The company operates in three segments: chemicals, aluminium and unallocated common.

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

First Published: Wed, August 14 2019. 10:25 IST