Shares of state-run National Aluminium Company Ltd (Nalco) were trading ex-dividend a day before its record date that has been fixed on Friday, 18th February, 2022 has for payment of second interim dividend for the financial year 2021-22. The stock bounced back from lows to hover around ₹118 apiece on the BSE in Thursday’s deals.
The board of directors had approved payment of second interim dividend @ Rs.3/ per share (60% on Face value of Rs. 5/- each) on the paid-up equity share capital of ₹918 crore for the financial year 2021-22. The payment of 2nd interim dividend shall be made on or before 07.03.2022 to all eligible shareholders, whose names appear in the Register of Members as on Record Date i.e. 18.02.2022, the PSU company had said in an exchange filing.
Sumeet Bagadia of Choice Broking has advised the buy on dips strategy for Nalco shares with ₹100-105 level acting as key support and target price of ₹130.
Nalco’s third quarter-ending December consolidated net profit surged over three times to ₹830.67 crore as compared to ₹239 crore for the year-ago period. Its income during the quarter increased to ₹3,845 crore over ₹2,414 crore in the year-ago period.
Shares of Nalco have given multibagger return of over 135% in a year’s period, whereas the stock is up 15% in 2022 (year-to-date or YTD) so far. Nalco is a navratna CPSE under Ministry of Mines. The company has integrated and diversified operations in mining, metal, and power.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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