Nalco Shares Gain Over 4% After Announcing Record Dividend of 115%
At its 38th annual general meeting (AGM), Nalco announced a dividend of 115% for financial year 2018-19 amounting to Rs 1,072.73 crore.
National Aluminium Co. Ltd (Nalco) shares climbed over 4% in intra-day trade on Thursday, i.e. 19 September, after the company declared its highest-ever dividend since its inception in 1981.
At its 38th annual general meeting (AGM), Nalco announced a dividend of 115% for financial year 2018-19 amounting to Rs 1,072.73 crore. This will work out to Rs 5.75 per equity share of face value of Rs 5 each. The company had last year announced a dividend of 114% amounting to Rs 1,101.77 crore.
At 10:37 am, Nalco shares were trading at Rs 45, up 1%, after hitting an intra-day high of Rs 46.40. The stock has fallen over 35% in the past one year.
Nalco’s CMD Tapan Kumar Chand said at the AGM: “Year 2018-19 has been an extremely rewarding year for Nalco on all fronts. We have not only excelled in making production, profit, productivity and people engagement, we have also made exemplary contribution in promoting and putting focus on nature, nurture and future.”
Chand added that Nalco posted its highest-ever sales turnover and export earnings in 2018-19, adding that the company achieved its best performance in a decade with a net profit of Rs 1,732 crore, a jump of 29% over the previous year.
According to reports, Nalco has given the government a total of Rs 32,886 crore towards taxes, duties, royalties, dividend etc till 2018-19, with the Centre receiving Rs 25,917 crore, while the rest Rs 6,969 crore going to the state government.
Nalco has reportedly managed to be the lowest-cost producer of alumina in the world consecutively for the last four years, lowest cost producer of bauxite in the world in 2018 and one of the top three central public sector enterprises with highest net foreign exchange earnings.
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