Latest news with #Nalco


Time of India
21-07-2025
- Time of India
Ex-Nalco chief, wife convicted in graft case
Representative image NEW DELHI: In a high-profile case of corruption against a senior govt executive, an ED special court Monday convicted Abhay Srivastava, a former chairman and managing director of public sector undertaking Nalco, his wife Chandni and two associates under the anti-money laundering law for allegedly receiving bribes from contractors in supply of two lakh tonne of washing coal. The conviction came 14 years after CBI booked the former CMD of National Aluminium Company Limited (Nalco) under the Prevention of Corruption Act. Later, ED investigated a money laundering case against the illegal gratification received by him and seized 10 gold bars of one kg each from a bank locker allegedly operated by Chandni. The court upheld the ED probe and noted the illicit funds were layered and concealed through purchase of gold bars which were stored at a Bank of Maharashtra Delhi branch. 'This court finds there was prior concert and coordination among the four accused — Srivastava and (his close associate) BL Bajaj both involved their wives to conceal gold bars of one kg each by keeping in a bank locker taken in the name of Anita Bajaj. However, it was being operated by Chandni Srivastava... Therefore, this court is of the considered view that there is sufficient evidence on the record establishing that all the accused conspired with each other in commission of offence of money laundering,' special judge Shailender Malik noted in his judgment. 'ED said it has successfully demonstrated that the illegal gratification was generated when Srivastava accepted illicit payments through Bajaj in connection with the coal supply tender floated by Nalco,' the judge said. The case is related to the Nalco tender issued for purchase of two lakh tonne of washing coal from its captive power plant at Angul in Odisha in 2010. Four companies applied, of which two were rejected at the technical bid stage. Maheshwari Brothers Coal Ltd and Bhatia International Ltd were approved by acting CMD BL Bagda, for placing before the committee of directors, to be chaired by Srivastava. The court took cognisance of phone calls intercepted by CBI, where it was stated that Rs 1.2 crore (at rate of Rs 150/tonne for 80,000 tonne) was decided as illegal gratification from Bhatia International Ltd for Srivastava as an award for contract.
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Business Standard
21-07-2025
- Business Standard
Delhi Court convicts former Nalco CMD Srivastava for money laundering
A Delhi court on Monday convicted former Chairman and Managing Director of the National Aluminium Company Limited (Nalco), Abhay Kumar Srivastava, for money laundering under Sections 3 and 4 of the Prevention of Money Laundering Act (PMLA). NALCO is a Public Sector Undertaking. The court also convicted Chandni Srivastava, the wife of the former MD. The court further convicted Bhushan Lal Bajaj and his wife, Anita Bajaj, who were accused of bribing Srivastava and his wife. In 2011, the Central Bureau of Investigation (CBI) filed a case against Srivastava, his wife, the Bajajs, and others concerning irregularities and bribery related to a tender floated for the purchase of 2 lakh tonnes of wash coal from Nalco's captive power plant unit at Angul, Odisha. The CBI alleged that Srivastava had been receiving bribes from suppliers through Bhushan Lal Bajaj for tenders approved by Nalco. The Enforcement Directorate (ED), which registered a case under the PMLA based on the CBI FIR, recovered ten gold bars, each weighing 1 kg, from a locker used by Chandni Srivastava. The locker had been opened using forged documents and operated under impersonation in the name of Anita Bajaj. It was not necessary for the ED to separately prove the conversion of bribe amounts into gold bars, as the recovery of the gold bars itself constituted evidence of money laundering. All four accused were earlier convicted of the scheduled offence. Special Judge Shailender Malik, Special Judge (PC Act) CBI-21, Rouse Avenue Court, stated that it is important to note that direct evidence of a conspiracy among the accused persons may not always be available. 'Therefore, this court is of the considered view that there is sufficient evidence on record establishing that all the accused conspired with each other in the commission of the offence of money laundering,' the court said.


Mint
27-06-2025
- Business
- Mint
Stocks to trade today: Trade Brains Portal recommends two stocks for 27 June
Today, we recommend two dividend stocks, one from the oil and gas sector and another from the metals and mining sector. We also analyze the market's performance on Thursday to understand what may lie ahead for the stock indices in the coming days. ONGC (Current price: ₹245) Target price: ₹290 in 12 months Stop loss: ₹223 Why it's recommended: ONGC, India's largest producer of crude oil and natural gas, holds the prestigious 'Maharatna" status, highlighting its significant national importance. It plays a dominant role in the Indian energy sector, accounting for approximately 71% of the country's total crude oil and natural gas production. The company is well-diversified and integrated across the energy value chain, with a presence in upstream (52 MMToE), refining (46 MMTPA), petrochemicals (3.8 MMTPA), value-added products (2,500 KTA), LNG (22.5 MMTPA), power generation (726 MW), and renewables (410 MW) through seven energy-related subsidiaries. In FY25, ONGC reported operating revenue of ₹6,63,262.31 crore, marking a 1.5% year-on-year increase. However, profit after tax stood at ₹38,328.59 crore, which was 30.7% lower than the previous year due to a 100% rise in exploration costs. The company allocated ₹10,300 crore for exploration in FY25, a 25% increase over FY24, and completed five onshore and four offshore discoveries. The total capital expenditure for the year amounted to ₹62,000 crore. ONGC's domestic proven oil reserves were recorded at 515.17 million tonnes of oil equivalent (MMTOE) as of FY25, slightly higher than the 514.83 MMTOE reported in FY24. Its renewable energy arm, ONGC Green Ltd, acquired PTC Energy Ltd (PEL), which operates 157 wind turbines with a combined capacity of 288.80 MW across Andhra Pradesh, Madhya Pradesh, and Karnataka. The company remains among the top dividend payers in India. In FY25, it distributed a total dividend of ₹15,410 crore, declaring a dividend of ₹12.25 per share, resulting in a dividend yield of 5%. Risk factors: ONGC's revenue is significantly impacted by fluctuations in global crude oil and gas prices, making the company vulnerable to price volatility. Additionally, the company faces challenges related to changes in regulatory frameworks, licensing requirements, and compliance timelines, which can affect its operations and increase the risk of legal complications. Also Read: Top 5 shipping stocks in India to add to your 2025 watchlist Nalco (Current price: ₹194) Target price: ₹225 in 12 months Stop loss: ₹179 Why it's recommended: Established in 1981, National Aluminium Co. Ltd (Nalco) is a 'Navratna' Central Public Sector Enterprise (CPSE) under Schedule 'A'. It stands as one of India's largest integrated producers of bauxite, alumina, aluminium, and power. The company operates its own Panchpatmali Bauxite Mines to supply the pithead alumina refinery located at Damanjodi in Koraput district, Odisha, along with an aluminium smelter and captive power plant in Angul. Nalco's operational capacity includes 6.825 MTPA of bauxite, 2.1 MTPA of alumina refinery, 0.46 MTPA of aluminium smelting, 1,200 MW of captive power, 4 MTPA of coal production, and 198 MW of wind power. In FY25, Nalco achieved its highest-ever revenue of ₹16,787.63 crore and a record profit after tax of ₹5,267.94 crore, reflecting a 165% increase over the previous year. The management reported a 46% improvement in Ebitda margin, driven by elevated alumina and aluminium prices, and aims to maintain a margin target of around 36-37% for FY26. For FY26, the company plans to raise alumina production by 200,000 tonnes to 22,50,000 tonnes and has allocated a capital expenditure of ₹1,700 crore for the year. For FY27, it has earmarked ₹2,000 crore for investments in both aluminium and alumina projects. Nalco is pursuing major expansion projects, including new capacities for bauxite mines (3.5 MTPA), alumina refinery (1 MTPA), aluminium smelter (0.5 MTPA), and a captive power plant (1,080 MW). Nalco also maintains a consistent track record of dividend payouts, offering both interim and final dividends. For FY25, it declared a total final dividend of ₹8 per share, distributed as two interim dividends of ₹4 per share each, paid in November 2024 and February 2025. Risk factors: The company's earnings are highly dependent on global aluminium prices, which are subject to volatility based on supply-demand dynamics, geopolitical developments, and economic cycles. Moreover, prices of key raw materials like coal, caustic soda, etc., can fluctuate, thus negatively affecting the company's margins. Market recap The Nifty 50 had a gap-up start to the day, opening at 25,268.95, up 23.25 points, or 0.09%, from the closing price of 25,244.75 of the previous day. The index gained 304.25 points, or 1.21%, on Thursday, with a day-high of 25,565.30 in the morning and closing at 25,549. The RSI was at 66.33, far below the overbought zone of 70, and the Nifty closed above all four of the 20/50/100/200-day EMAs on the daily chart. Also Read: IT slowdown? These five stocks haven't heard of it. The Sensex concluded the day at 83,755.87, up 1,000.36 points, or 1.21%, with an RSI of 65.39. The upsurge in the markets was due to the easing of tensions in Israel and Iran in the Middle East. Moreover, the dollar index hit a three-year low of 97, and strong demand from DIIs—these catalysts are fueling the upsurge of the market. Most indices were green on Thursday. The Nifty Metal Index, which closed at 9,544.55, up 215.35 points or 2.31%, was among the top gainers. The index was lifted by stocks like Hindustan Copper, which soared 4.96%; SAIL and Jindal Steel, which jumped more than 3%; and other stocks, including Vedanta, Jindal Stainless, and Nalco, which increased by up to 3%. Moreover, the Nifty Oil and Gas Index gained 213.5 points, or 1.86%, to close at 11,695.90. Top gainers of this index were Aegis Logistics, Bharat Petroleum, and IOCL, which increased by more than 3% on Thursday. The Nifty Infrastructure Index closed at 9,355.80 points, a jump of 150.30 points, or 1.63%, with major gainers like Shree Cement, BPCL, and IOCL increasing more than 3% on Thursday. While the Nifty Media Index, however, fell by -19.30 points, or -1.09%, and closed at 1,743.85 points. The index declined as a result of heavyweights such as Network 18 Media, Zee Entertainment, DB Corp, and Tips Music plunging up to 3%. This fall was mainly due to profit booking from Network 18 Media. Another significant loser was the Nifty Realty Index, which closed at 1,009.50, down -10.15 points or -1.00%. Also Read: A little-known stock that quietly delivered 15,000% returns—and still has room to run Hong Kong's Hang Seng declined -149.27 points, or -0.61%, to 24,325.40. The Kospi in South Korea closed at 3,079.56, down -0.92% or -28.69 points. Japan's Nikkei 225 climbed up 642.51 points, or 1.65%, settling at 39,584.58, reaching a 5-month high. Shanghai's Composite Index closed the day lower at 3,448.45, down -7.52 points, or -0.22%, while the Shenzhen Index decreased -50.25 points, or -0.48%, to 10,343.48.
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Business Standard
05-06-2025
- Business
- Business Standard
Nalco clarifies ₹30,000-cr smelter expansion plan on track, not deferred
State-run National Aluminium Company Ltd (Nalco) on Thursday clarified that its ₹30,000-crore capital expenditure plan for smelter expansion with captive power is progressing as planned and has not been put on hold. The company said it is currently updating the detailed project report (DPR) for its brownfield smelter expansion, which includes a captive power plant integrated with renewable energy. The revision is being undertaken to align with evolving business needs. Nalco issued the clarification via a filing to the Bombay Stock Exchange (BSE), stating: 'The Nalco management refutes the report.' It added that discussions with technology partners are ongoing. 'Discussion with technology partners, including RTAL, is being actively pursued and is on track. It is premature to disclose any details on the discussion at this stage,' the company said in the filing. Profit doubles in Q4FY25 Nalco recently posted strong financial results for the March 2025 quarter, reporting a consolidated net profit of ₹2,067.23 crore — more than double the ₹996.74 crore reported in the same period last year. Revenue from operations for the January–March period rose to ₹5,267.83 crore, compared to ₹3,579.05 crore a year earlier. Nalco operates across the full aluminium value chain, including bauxite mining, alumina refining, aluminium smelting, and power generation. The Indian government currently holds a 51.28 per cent stake in the company.


Mint
04-06-2025
- Business
- Mint
Wanted: Independent directors for PSU boards. But where is the approval?
Mumbai: Over three-fourths of India's listed public sector enterprises do not have the requisite number of independent directors, as these companies continue to wait for clearance from various government departments. As many as 62 out of 79 listed PSUs lack the mandated number of independent directors, according to data from Prime Database. Despite repeated regulatory reminders, these companies await clearances from their respective ministries, delaying crucial appointments and inviting penalties from stock exchanges. Government-owned firms, including Hindustan Aeronautics Ltd, Indian Oil Corp. Ltd, Indian Railway Catering and Tourism Corp, State Bank of India, National Aluminium Company Ltd. and Steel Authority of India Ltd, did not have the minimum number of independent directors as of 2 June, according to Prime Database, a Mumbai-based market data tracking firm. The list of non-compliant PSUs includes banks, oil and gas companies, metals and mining firms, power utilities, telecommunications, railways, and engineering firms. According to the Securities and Exchange Board of India's listing regulations, at least one-third of a listed entity's board members must comprise independent directors. Additionally, if the chairman is an executive director, at least half of the board must consist of independent directors. Also Read: HPCL gets new chief, four more large PSUs in queue Boardroom bottlenecks There are more red flags when it comes to board committees: 64 PSUs lack an independent director as chairperson of their audit committee, and 68 companies do not have independent chairs for their nomination and remuneration panels. Additionally, 14 of the listed PSUs are yet to appoint a single woman director, despite gender diversity requirements, according to Prime Database. 'It's ironic that we are asking all private sector companies to comply with these requirements when government-owned companies themselves are non-compliant," said Pranav Haldea, managing director at Prime Database. With PSUs failing to comply with the market regulator's rules, many have been fined by stock exchanges. Last week, National Aluminium Company Ltd (Nalco) was fined ₹33.32 lakh for having only three independent directors—two short of the required five—on its 10-member board. A spokesperson for Nalco said the company was continuously following up with the ministry of mines, its administrative ministry, for the appointment of the requisite number of independent directors. The bottleneck lies in the approval process across various ministries, according to proxy advisory firms. 'The Prime Minister's Office should send a strong message to all concerned ministries and PSU companies that they need to be compliant, as non-compliance by PSUs doesn't send the right message to investors," said Shriram Subramanian, founder and managing director of InGovern Research Services, a proxy advisory firm. 'For instance, when the government, as a major shareholder, is involved in abusive transactions or there is trouble with key management, independent directors are the custodians of minority shareholders' interests," Subramanian said. Also Read: India's PSU banks outshine private peers in arresting bad loans Many of the largest money managers, including BlackRock and Vanguard, have voiced their concerns when these companies have sought shareholder approval for the appointment of directors, according to voting disclosures reviewed by Mint. In August last year, Hindustan Aeronautics sought shareholder approval for the appointment of former chairman C.B. Ananthakrishnan. Nearly a fourth of public institutions opposed the decision. 'Nominee serves as chair of the board and bears responsibility for lack of independence. Nominee is an executive director on the audit committee," noted BlackRock, the world's largest money manager, with $11.6 trillion in assets under management. In the same month, Hindustan Petroleum Corp. sought shareholders' approval for the appointment of Pankaj Kumar as a director, but 28.35% of public institutions, including Vanguard, opposed his re-appointment. Despite governance lapses, investor interest in PSUs has surged. The BSE PSU Index, which comprises 63 companies, has outperformed the Sensex over the last five years. The index has gained 301% between 5 June 2020 and 3 June 2025, while the Sensex has risen by 135.5% during this period.