State-run aluminium maker Nalco reported a 170.5 percent rise in net profit to Rs 354.47 crore for the quarter ended December, on the back of higher income from operations.
Ansuman Das of Nalco expects the aluminium prices to hold above USD 2400 per tonne. Moreover, he thinks with the new government‘s focus on infrastructure development there demand for aluminum in India could be high.
According to Ansuman Das, the strong performance of NALCO in Q2 is sustainable in the second half of FY14 as the company holds a good stock of coal and the supply of coal is likely to improve further in Q3.
The upward revision was approved following a recommendation for payment of a final dividend at Rs 0.50 per share (10 percent) in addition to the interim dividend of Rs 0.75 per share (15 percent) paid on March 30, 2013.
According to Ansuman Das, the company will continue to keep its production at the current levels and have no plans for any further production cut. Nalco got its coal supply secured till 2018 by Coal India and is confident of giving aluminium output of around 350,000 tonnes for FY14.
Ansuman Das was given the full time charge of being the CMD of NALCO, a company release said today. NALCO's various expansion programmes are likely to get a boost.
NALCO managed to cut power cost by 15% in Q4FY13 and this boosted margins
National Aluminium Company Ltd (NALCO) has signed an agreement with the Union Ministry of Mines regarding physical and financial targets for 2013-14 financial year.
State-run National Aluminium Co Ltd (NALCO) has suspended operations at its only bauxite mine in Odisha as its mining lease has expired, Ansuman Das, chairman and managing director said on Monday.