NALCO spurts after board approves Rs 749 cr share buyback

NALCO jumped 4.11% to Rs 48.10 after the company's board approved a proposal to buyback upto 13,02,79,083 equity shares, or 6.98% equity, at Rs 57.50 each.

The aggregate consideration of the buyback shall not exceed Rs 749.10 crore. The company has fixed Monday, 8 February 2021, as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares.

The Government of India held 51.50% stake in 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 improved marginally, by 0.5% Y-o-Y (year-on-year) to Rs 2,374.89 crore.

 

NALCO is a Navratna group 'A' CPSE having integrated and diversified operations in mining, metal and power under Ministry of Mines, Government of India.

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