National Aluminum Company Ltd. rose to record high on Wednesday after it posted highest-ever metal sales and cast metal production in FY24.
NALCO has recorded 4.7 lakh metric tonne metal sales in the last financial year. During the same period, cast metal production was at 4.6 lakh metric tonne, according to an exchange filing.
The company has developed and operationalised Utkal D Coal Block and produced two metric tonne of coal from the mine in FY24, the filing said.
Shares of the company rose as much as 5.7% to Rs 175.65 apiece, the highest level since its listing on April 28, 1999. It was trading 4.93% higher at Rs 174.40 apiece, as of 10:18 a.m. This compares to a 0.04% decline in the NSE Nifty 50 Index.
The stock has risen 111.26% in past 12 months. Total traded volume so far in the day stood at 1.33 times its 30-day average. The relative strength index was at 68.62.
Out of 10 analysts tracking the company, five maintain a 'buy' rating, two recommend a 'hold,' and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 22.8%.
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