NALCO shares jump 5%, hit 52-week high. Here’s what is triggering this PSU counter
Shares of National Aluminium Company (NALCO) jumped over 5% in Wednesday's early trade to hit a fresh 52-week high of Rs 174.70 on the NSE after the state miner reported its highest-ever cast metal production at 463,428 metric tonnes for the financial year that ended on March 31, 2024.
Shares of () jumped over 5% in Wednesday's early trade to hit a fresh 52-week high of Rs 174.70 on the NSE after the state miner reported its highest-ever cast metal production at 463,428 metric tonnes for the financial year that ended on March 31, 2024.NALCO), the flagship Navratna CPSE under The Ministry of Mines is the country’s leading manufacturer and exporter of alumina and aluminium. The company claimed to have created new records in production and sales for the year 2023-24.
It also reported its highest-ever bauxite excavation of 76,00,230 metric tonnes and highest-ever metal sale of 470,108 metric tonnes, surpassing all previous records since inception, the company filing said.
In FY 2023-24, the company has also added a new aluminium alloy ingot to its product range.
The PSU company also achieved 101.15 % capacity utilisation and NALCO’s alumina refinery produced 2,124,000 metric tonnes of alumina hydrate, while the captive power plant generated a gross 7193.62 million units of power.
Today's price action was accompanied by significant volume action with over 1.73 crore shares changing hands around 9:50 am. The total traded value of the shares stood at Rs 297.72 crore.
The multibagger stock has displayed strong price momentum over the past 12 months gaining 118% in this period. This is a significant outperformance over not just Nifty Metal but also the broader Nifty. While Nifty Metal has given an impressive 60% return over the past one-year period, the 50-stock Nifty has delivered 29%.
In 2024, so far, NALCO's returns have been to the tune of 28%.
The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs). Its momentum indicators RSI and MFI are in a medium range of 64 and 58 according to Trendlyne data. A number above 70 is considered to be overbought while below 30 is seen to be oversold.
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Source: Stocks-Markets-Economic Times
