Nalco Shares Surge Over 9% After Q3 Net Profit Rise

Shares of National Aluminium Co. rose on Wednesday after its profit jumped in the third quarter of fiscal 2024.

Net profit of the company surged 83.6% year-on-year to Rs 470.6 crore in the quarter ended Dec. 31, 2023, according to an exchange filing.

• Revenue up 1.5% at Rs 3,346.9 crore.

• Ebitda up 66.06% at Rs 773.1 crore.

• Margin expands 897 bps to 23.09%.

• Net profit up 83.6% at Rs 470.6 crore.

Shares of the company rose as much as 9.90%, the highest level since Monday, before paring some gains to trade 9.02% higher at 12:58 p.m. This compares to a 0.26% decline in the NSE Nifty 50.

The stock has risen 96.76% in the past 12 months. Total traded volume so far in the day stood at three times its 30-day average. The relative strength index was at 60.

Of the 10 analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 107.6%.