Nalco shares rally over 6% to a fresh 52-week high on record aluminium production in FY24

Shares of state-run aluminium producer National Aluminium Company Ltd surged more than 6% to hit a year high on NSE after the company announced achieving record metal production in the financial year 2023-24.

Nalco shares opened on a firm note and rallied a further 6% to hit a 52-week high of ₹176.25 on NSE in morning deals. However, the PSU stock pared early gains to trade at ₹175.25 apiece, up 5.3%, on the NSE at 12:25 pm.

Nalco shares have jumped 1.26 times in the past year from its 52-week low of ₹77.95 per share hit on April 5, 2023.

Nalco informed stock exchanges that the company has set new records in both production and sales for FY24.

The company’s cast metal production rose to an all-time high of 4,63,428 tonnes while bauxite excavation touched a record high of 76,00,230 tonnes in the financial year that ended on March 31, 2024.

On the sales front, Nalco achieved record metal sales of 4,70,108 tonnes. Nalco also added a new Aluminium Alloy Ingot (AL59) to its product range in the last financial year.

The PSU’s capacity utilisation was 101.15% as its alumina refinery produced 21,24,000 tonnes of Alumina Hydrate.

Nalco also developed and operationalised the Utkal D coal block and produced 2 million tonnes of coal, which is the peak-rated capacity of the mine.

“Backward integration and securitization of raw materials and energy in the past four years helped Nalco scale new milestones,” Nalco CMD Sridhar Patra said.

National Aluminium Company Ltd, which is under the administrative control of the Ministry of Mines, is India’s leading manufacturer and exporter of alumina and aluminium.

The state-owned company reported an 83.6% jump in net profit to ₹470.6 crore for the December quarter of FY24 against ₹256.3 crore in the year-ago period.

Its revenue from operations was up 1.5% at ₹3,346.9 crore in the third quarter against ₹3,297.2 crore in the same period of the preceding fiscal.