Nalco surges to 52-week high on strong volumes

3 Apr 2024 , 12:44 PM

On April 3, National Aluminium Company (NALCO) shares defied the general trend of the market by surging more than 5% to a new high of ₹176.25 due to a spike in volume.

4 crore NALCO shares have traded hands on the BSE and NSE combined so far today, surpassing the typical trading volume of 1 crore and 2 crore shares over a week and month, respectively.

The protest follows the announcement by the state-owned company that its 4.63 lakh metric tonne production of cast metal in FY24 was a record high.

In addition, NALCO broke all prior records since its founding by excavating 76 lakh metric tonnes of bauxite and selling 4.70 lakh metric tonnes of metal. Additionally, the company expanded its product line in FY24 by adding a new aluminium alloy ingot (AL59).

“Achieving 101.15% capacity utilisation, NALCO’s Alumina Refinery has produced 21,24,000 Metric Tonnes of Alumina Hydrate, while the Captive Power Plant has generated a gross 7193.62 million units of power,” the company said in a statement.

According to the firm, the PSU developed and operationalized its Utkal D coal block in FY24 and produced 2 million tonnes of coal or the mine’s peak-rated capacity.

One of the biggest integrated Bauxite-Alumina-Aluminum-Power Complexes in the nation is NALCO, a Navratna CPSE. Currently, 51.28% of the state-run company’s paid-up equity capital is owned by the government.

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