Over the last year, NALCO has gained approximately 57%, surpassing the Nifty, which has increased by roughly 20% during that same time.
The National Aluminium Company Limited (NALCO) saw a 3 percent increase in its shares during the morning trade on January 10, following the presentation of the three-decade plan for growth and sustainable business by its chairman and managing director, Sridhar Patra. The operationalization of allocated coal blocks and the acquisition of the necessary clearances for the Pottangi Bauxite mines, according to Patra, at the company’s 44th Foundation Day, are what are driving the ongoing refinery expansion and plans for expanding the smelter.
In his speech, Patra stated that NALCO is a strong business that has always aimed to outperform its previous benchmarks, thanks to the company’s 43 years of hard work and unwavering pursuit of excellence. The company has gained new honors and witnessed notable accomplishments over the last three years. The organization’s business lifespan has been extended for the next 30 years through the backward integration and securitization of energy and bauxite, the speaker said.
NALCO rises by 3% following CMD’s announcement of its three-decade plan.
Under the Ministry of Mines, Nalco is a Navratna public-sector undertaking (PSU). It runs its own aluminum smelter, captive power plant, and Panchpatmali bauxite mines for the pit-head alumina refinery in Angul, Odisha. For the September quarter, NALCO reported a 49.3 percent increase in consolidated profit to Rs 187.35 crore. Its consolidated income, however, fell 13 percent year on year to Rs 3,112.02 crore.
At 9.51 a.m., NALCO shares were trading 2% higher at Rs 131.20 on the National Stock Exchange (NSE). Over the last year, the stock has rallied by around 57%, outperforming the benchmark Nifty 50, which has risen by about 20%. NALCO stock is trading near its 52-week high of Rs 139.85, set on January 2. Vidyan Sawant, AVP of Technical Research at GEPL Capital, stated that it has been on a bullish trend from the low in September 2022, showing good momentum.
Dips towards the short-term 12-week exponential moving average (EMA) and 26-week EMA have regularly served as critical support levels, adding to the optimistic outlook. He predicted that the stock would rise to around Rs 147.
It is recommended to set a stop-loss at Rs 121, strictly based on the closing basis, Sawant went on to say.
