Nalco shares break winning streak, fall on profit booking

NEW DELHI: Shares of National Aluminium Company fell on Wednesday on profit booking by investors after the stock gained 4 per cent in the previous two sessions to Rs 88.80 from Rs 85 on October 13, 2017.

Following the development, the stock shed 1.75 per cent to end the session at Rs 87.25 on BSE. It opened at Rs 89 and touched an intraday high and low of Rs 89 and Rs 86.10 respectively.

Meanwhile, reports suggested that the Aluminium major plans to set up two joint ventures, one with US-based Almex and another with Russia's Rusal, at the upcoming Angul Aluminium Park in Odisha, ET reported a senior company official as saying.

The two JVs will manufacture special-grade aluminium to be used in metro trains, e-vehicles, aerospace and automobile sector, said Nalco Chairman and Managing Director, T K Chand.

Promoters held 65.36 per cent stake in the company as of September 2017.

The scrip touched its fresh 52-week high of Rs 89.40 yesterday on October 17, 2017 and its 52-week low of Rs 45.55 on November 9, 2016.