Rakesh Jhunjhunwala Bought 1.36% Stake In Co During Q2


NALCO

National Aluminium Company Limited, abbreviated as NALCO, is a government company having integrated and diversified operations in mining, metal and power under the ownership of Ministry of Mines, Government of India. 

Presently, Government of India holds a 51.5% equity in NALCO. It is one of the largest integrated Bauxite-Alumina-Aluminium-Power Complex in the country encompassing bauxite mining, alumina refining, aluminium smelting and casting, power generation, rail and port operations. 
The Company is the lowest-cost producer of metallurgical grade alumina in the World and lowest-cost producer of Bauxite in the world as per Wood McKenzie report. With sustained quality products, the Company’s export earnings accounted for about 42% of the sales turnover in the year 2018-19 and the Company is rated as 3rd highest net export earning CPSE as per Public Enterprise Survey report.

Rakesh Jhunjhunwala

Celebrity investor Rakesh Jhunjhunwala has picked up 2,50,00,000 equity shares or a 1.36 per cent stake in National Aluminium Company Limited (NALCO) in the June-September quarter, the company revealed in a shareholding pattern on the BSE on Tuesday.

However, at what price Jhunjhunwala bought stake and date of the purchase has not been given.

Shares of National Aluminium Co. rose nearly 7% after the company disclosed that billionaire-investor Rakesh Jhunjhunwala had purchased stake in it.


NALCO Fundamentals

JP Morgan

Brokerage firm JP Morgan has upgraded the company to neutral from underweight and increased its target price to ₹104 from ₹46 a share.

JP Morgan expects the sharp earnings per share upgrades for the aluminum stocks amid rising aluminum price. The brokerage firm says it sees aluminum price increase by 35% in CY2022 and almost 18% for CY23.

Found this article interesting? Follow Fetney on Facebook, Twitter and LinkedIn to read more exclusive content we post.