Nalco announces final dividend of Re 1 per share for FY21
The final dividend is in addition to the 1st and 2nd interim dividend of Rs. 2.50 per share already paid during December 2020 and March, 2021.
Shares of Navratna CPSE (Central Public Sector Enterprises) NALCO (National Aluminium Company Limited) slipped by Rs 1.35 or 1% to Rs 97.85 a day after the company announced a final dividend of R 1 per share (20% on the face value of Rs 5 each) for the financial year ended March 31, 2021. The final dividend is in addition to the 1st and 2nd interim dividend of Rs. 2.50 per share (50% on face value of Rs.5/- each) already paid during December 2020 and March, 2021 respectively during FY21, the company said in a regulatory filing.
Geopolitical factor
Its shares saw renewed demand after reports suggested Guinean special forces ousted Guinea’s President in a coup. Guinea accounts for more than half of all Chinese imports. This led aluminium market prices in London to surge to a fresh 10 year high and futures in China climbed to the highest since 2006.
Aluminium has climbed about 40% this year as massive global stimulus measures stoked demand just as smelters in China, the biggest producer, struggled to maintain output during a seasonal power crunch and Beijing sought to rein in the country’s carbon emissions.
For the quarter ending June, Nalco reported a significant rise in consolidated profit at Rs 347.73 crore as against Rs 16.69 crore in the year-ago period. Nalco is a Navratna CPSE under the Ministry of Mines. The company has integrated and diversified operations in mining, metal and power. The government holds 51.28% equity of Nalco.
On the BSE, the Nalco scrip hit a 52-week high of Rs 102.25 on September 6, 2021 and a 52-week low of Rs 29.15 on October 14, 2020.