Stocks News

NALCO offers share buyback on February 25 with share prices hiking about 2%

On February 18, share prices of National Aluminium Company (NALCO) reportedly soared high, exceeding over 2 percent intraday.

Moreover, the shares offered for the buyback are fully paid-up equity shares amounting to Rs 749 crore.

Further, GoI being the promoter has confirmed it’s participation in the buyback to the extent that it’s equity remains at least 51 percent.

In the Budget 2020-21 announcement, the Finance Minister aimed at raising an amount equipment to Rs 2.1 lakh crore from privatisation.

This also includes sale of minority stakes in state-owned companies.

The government has successfully acquired an amount of Rs.17,957 crore from CPSE minority share sale and buyback in this fiscal.

For the quarter ended December 31, 2020, the company’s consolidated profit was recorded at Rs.239.71 crore.

However, it’s consolidated loss was estimated to be of Rs 33.90 crore in the corresponding quarter of the previous financial year.

During October-December 2020, the consolidated income of the company surged to Rs 2,414.95 crore, as against Rs 2,136.57 crore in the year-ago period.

At 09:55 hours, trading of the stock was reported to be at Rs 51.65, evidently scaling upwards by Rs 1.15, or by a margin of 2.28 percent.

So far, the stock has managed to reach an intraday high of Rs 51.90 in comparison to it’s intraday low of Rs 51.20 on Thursday.

Currently, the stake of government in the company is projected to be 51.50 percent set to tender shares only proportionate to its holding.

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