Nalco hits a new low

National Aluminium Company (Nalco) is a Navratna PSU where Govt holds 80.93% stake. The stock is literally routed today; the stock hit a new 52-week low at Rs.33.85 and it continues to hover around the same levels, a drop of over 7.5%.

The stock has tanked after it posted a 40% (YoY) drop in net profit at Rs.163 crore on a 16% drop in total income at Rs.1491 crore. The company’s aluminium sales were flat at Rs.1042 crore while it posted a loss of Rs.14 crore v/s profit of Rs.31 crore at EBIT levels. Its chemical unit too did not do too well, with EBIT showing a drop of 14%.