NALCO jumps on bargain hunting
National Aluminium Company (NALCO) rose 2.42% to Rs 114.25 on value buying after recent losses.
Shares of NALCO tumbled 8.79% in the past four trading sessions.
In the past one year, the stock has 117.30% while the benchmark Sensex has added 14.64% during the same period.
On the technical front, the stock’s RSI (relative strength index) stood at 45.15. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 117.77, 119.66 and 114.46, respectively.
On a consolidated basis, NALCO’s net profit surged 246.53% to Rs 830.67 crore on 58.62% rise in net sales to Rs 3773.26 crore in Q3 December 2021 over Q3 December 2020. The results were driven by sustained supply of raw material, optimized production, strategic sourcing of power, particularly during the period of coal crisis, better realization and effective capacity utilization of its operational units.
NALCO, a Schedule ‘A’ Navratna CPSE, is one of the largest integrated Bauxite-Alumina-Aluminium-Power Complex in the country. At present, Government of India holds 51.28% of paid up equity capital.
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