National Aluminium Company Ltd clarifies on Rs. 20550 crore expansion

The Exchange had sought clarification from the National Aluminium Company Ltd with respect to news article appearing in DNA on February 15, 2016 titled "Nalco to invest Rs 20,550 crore for expansion of alumina refinery".

National Aluminium Company Ltd has replied stating "As a part of 'Make in India', Govt. of Odisha had organized an Investment Meet, Odisha Invest in Mumbai on 14-02-2016, which was attended by Chief Minister of Odisha along with other Govt. officials and Captains from the industries. Govt. of Odisha sought investment announcement from different industries, which was non-binding in nature and was indicating the intentions only. Information regarding proposed expansion of Alumina Refinery and Aluminium Park in Odisha are already in the public domain which were also reported in the Annual Report 2014-15. The Company had also informed the Stock Exchanges about the allocation of Utkal - D & E coal blocks vide its letter dtd. 15-09-2015, both of which are in the State of Odisha. The projects are likely to be completed only in next 6-7 years subject to necessary approvals from the various Govt. authorities."

Shares of NATIONAL ALUMINIUM CO.LTD. was last trading in BSE at Rs.32.45 as compared to the previous close of Rs. 31.6. The total number of shares traded during the day was 210892 in over 1070 trades.

The stock hit an intraday high of Rs. 32.7 and intraday low of 31.8. The net turnover during the day was Rs. 6796025.

Source : Equity Bulls

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