Nalco temporarily cuts daily output; stock down 9%
NALCO slipped in early trade on reports of insufficient power supply, which forced the company to cut its daily aluminium output by about 6 per cent.
By Kshitij Anand, ET Online | Updated:
NEW DELHI: The National Aluminium Company Ltd (Nalco) slipped in early trade on reports of insufficient power supply, which forced the company to cut its daily aluminium output by about 6 per cent.
At 10:00 a.m., the shares in the company were trading 4.5% lower at Rs 62.60 on the BSE. The stock has dipped to its day’s low of Rs 59.45 or 9.3% on BSE.
“Management of the company clarified that due to heavy rainfall, they had to close 60 smelting pots, but closure is temporary,” said BL Bagra, CMD, Nalco.
Nalco has been buying power from state-grid for the last 4-5 days to the tune of 150 MW to sustain smelter production.
“Additional power from state grid costs around 1 cr per day,” added Bagra.
The management is confident to come back to normalcy in 2 weeks time. However, production target for the company will be impacted by loss in production.
At 10:00 a.m., the shares in the company were trading 4.5% lower at Rs 62.60 on the BSE. The stock has dipped to its day’s low of Rs 59.45 or 9.3% on BSE.
“Management of the company clarified that due to heavy rainfall, they had to close 60 smelting pots, but closure is temporary,” said BL Bagra, CMD, Nalco.
Nalco has been buying power from state-grid for the last 4-5 days to the tune of 150 MW to sustain smelter production.
“Additional power from state grid costs around 1 cr per day,” added Bagra.
The management is confident to come back to normalcy in 2 weeks time. However, production target for the company will be impacted by loss in production.
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