Nalco likely to announce a second interim dividend on March 12th

9 Mar 2023 , 08:06 AM

National Aluminium Company Ltd., a state-owned enterprise, said that on March 12 its board will meet to discuss and authorize the distribution of a second interim dividend for the fiscal year 2022–2023.

In a filing, Nalco stated that the board of directors will meet on Monday, March 13, 2023, among other things to discuss a second interim dividend, if any, for the fiscal year 2022–2023.

The record date for determining a shareholder’s eligibility in this regard has been set by the corporation as March 21.

According to the beneficial owners’ position that will be downloaded by NSDL and CDSL in respect of the shares held in electronic form and as members in the registrar of members of the company, the second interim dividend will be paid to those shareholders whose names appear as beneficial owners at the end of business on March 21.

On Wednesday, the NSE saw Nalco stock settle with a 1.90% decline at Rs 82.60 a share. On a year-to-date basis, the shares have lost little over 1% so far this year.

If we use the current share price levels, Nalco has paid an equity dividend of Rs 2.5 during the past year, translating to a dividend yield of 3.03%.

The government owns around 51.28% of Nalco, one of the largest integrated bauxite-alumina-aluminum-power complexes in the nation.

The state-owned corporation reported a 61% increase in net profit quarter over quarter, to Rs 274 crore, while revenues increased to Rs 3,290 crore.

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