NALCO gains 3% as firm operationalizes all pots at Odisha smelter plant

NEW DELHI: Shares of National Aluminium Company (NALCO) added 3 per cent in early trade on Thursday after the state-owned metal player said it has successfully put into operation all the 960 pots at its existing smelter plant located in Angul, Odisha.

It formally operationalised the 960th pot by virtually switching on the pot from the company's corporate office in Bhubaneswar.

The scrip rose to a high of Rs 114.80 as against Rs 111.30 at previous close on the National Stock Exchange.

In the July-September quarter, NALCO had reported an almost seven-fold rise in consolidated profit to Rs 747.80 crore for the quarter ended September 30. The company had posted a consolidated profit of Rs 107.27 crore in the year-ago period.

The consolidated income of the company during the July-September quarter increased to Rs 3,634.59 crore, over Rs 2,399.05 crore in the year-ago period, the filing said.

Nalco is a Navratna CPSE under Ministry of Mines. The company has integrated and diversified operations in mining, metal, and power.

In a recent interview to CNBC TV-18, Chairman and Managing Director Sridhar Patra said NALCO expects the supply-demand gap to widen in the year 2022 in the aluminium market.

Patra said a mismatch in the global aluminium market can keep prices elevated and expect prices to hover around USD 2,600-2,700 per tonne.

With aluminium prices gaining around 40 per cent in 2021, NALCO has seen a 130 per cent increase in its stock price in the calendar year.