Latest news with #Nalco
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Business Standard
5 days ago
- 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
6 days ago
- 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.
Time of India
27-05-2025
- Business
- Time of India
I-Sec downgrades Nalco to Hold; lowers target price to Rs 190
ICICI Securities has downgraded National Aluminium Company to Hold from Add with a revised target price of Rs 190 (earlier Rs 205). The current market price of National Aluminium Company is Rs 183.85. National Aluminium Company, incorporated in 1981, is a Mid Cap company with a market cap of Rs 33764.64 crore, operating in Metals - Non Ferrous sector. Nalco 's key products/revenue segments include Aluminium, Chemicals, Export Incentives, Wind Power for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 5393.44 crore, up 13.28% from last quarter Total Income of Rs 4761.31 crore and up 47.24% from last year same quarter Total Income of Rs 3663.09 crore. The company has reported net profit after tax of Rs 2078.37 crore in the latest quarter. The company?s top management includes Patra, Dr.B R Ramakrishna, Nath Jha, Kumari Dermal, Upadhyay, Dr.(Ms.)Shatorupa, Mr.Y P Chillio, Narang, Ramanlal Patel, Lohiya, Kumar Sharma, Samantaray, Chandra Joshi, Mahapatro, Arora. Company has Patro & Co. as its auditors. As on 31-03-2025, the company has a total of 184 crore shares outstanding. Investment Rationale Alumina price is well past its peak and ICICI Securities expects it to remain subdued as supplies from China and India ramp up. While there might be intermittent supply disruptions, the brokerage expects the price to stay range-bound between USD 350?400/te. Furthermore, they see only a limited scope of volume growth in the near term. That said, the captive coal might lend some cost advantage. On the whole, I-Sec sees risk-reward balanced at CMP. Taking cognizance of the current underlying commodity prices, the brokerage has lowered FY26E/FY27E EBITDA by 20% each, though they raised the EV/EBITDA multiple to 5.5x (earlier 5x), as there is lower risk to our earnings estimates. The revised target price works out to Rs 190 (earlier Rs 205). They have downgraded NALCO to HOLD (from Add). Promoter/FII Holdings Promoters held 51.28 per cent stake in the company as of 31-Mar-2025, while FIIs owned 15.81 per cent, DIIs 15.7 per cent.
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Business Standard
26-05-2025
- Business
- Business Standard
Tough emission targets may raise carbon credit prices, impact net zero goal
"More stringent targets, combined with fair carbon pricing, are urgently needed to safeguard Indian industry's competitiveness while still fulfilling our climate commitments" S Dinakar Amritsar Listen to This Article India ignored the elephant in the room — iron and steel — when it announced new draft regulations last month for setting compulsory emission targets for greenhouse gases (GHGs) under the first phase of the compliance regime of the country's Carbon Credit Trading Scheme (CCTS). New Delhi put 282 units, falling under four sectors — aluminium, cement, chlor-alkali, and pulp and paper — on notice. The units belong to some of India's leading conglomerates like Vedanta, Hindalco, Nalco, UltraTech, ACC, Ambuja, Dalmia, and JSW Cement. For now, it has left out five sectors, including steel and
Mint
26-05-2025
- Business
- Mint
Best stock recommendations today: MarketSmith India's top picks for 26 May
On Friday, the Nifty 50 advanced 0.99% to close at 24,853.15, reflecting broad-based strength across key sectors. The uptrend was underpinned by easing US treasury yields, which enhanced global risk sentiment and spurred foreign inflows into Indian equities. Notable gains in IT, FMCG, and Financial stocks provided significant support to the index. Stable Indian rupee and crude oil prices further bolstered investor confidence. Overall, market sentiment remained positive, driven by optimism around improving macroeconomic fundamentals despite prevailing global uncertainties. Two stocks recommended for today by MarketSmith India Multi Commodity Exchange of India Ltd (current price: ₹6,492.50) Why it's recommended: Financial strength, growth, risk management, and infrastructure Key metrics: P/E: NA | 52-week high: ₹ 7,048.60 | Volume: ₹ 287.08 crore Technical analysis: Cup-with-handle-base breakout Risk factors: Regulatory risks, operational risks Buy at: ₹6,492.5 Target price: ₹7,770 in three months Stop loss: ₹5,918 Also Read: Nalco's growth streak hits speed bump on price slide, project delay fears Relaxo Footwears Ltd (current price: ₹ 446.65) Why it's recommended: Strong brand portfolio, market position, and schools reopening Key metrics: P/E: 64.26 | 52-week high: ₹ 949 | Volume: ₹17.27 cr Technical analysis: Trendline breakout Risk factors: Input cost volatility, intense competition Buy at: ₹446.65 Target price: ₹520 in three months Stop loss: ₹418 Nifty 50: How the benchmark index performed on 23 May The Nifty 50 posted gains on Friday, forming a bullish candlestick on the daily chart. However, on a weekly basis, the index declined approximately 0.69%, resulting in a bearish weekly candle. Indian equities opened on a firm note and maintained positive momentum throughout the session. The index found support near its 21-day exponential moving average (around 24,445) on Thursday, and rebounded strongly on Friday. Barring the pharma sector, all NSE sectoral indices ended in the green, with IT, FMCG, and financials leading the rally. Market breadth improved notably, with an advance-decline ratio of 3:2 in favour of advancing stocks. The Nifty 50 continues to trade below 25,000, having closed below this level on a weekly basis. Nonetheless, the index remains positioned above all its key moving averages on the daily and weekly timeframes, indicating a structurally positive trend despite the recent consolidation phase. On the daily chart, the relative strength index (RSI) turned higher on Friday, holding in bullish territory around 59, suggesting a temporary loss of momentum rather than a trend reversal. The daily MACD maintains a negative crossover. Both RSI and MACD on the weekly timeframe are trending upward, reflecting an underlying positive bias. Also Read: This Murugappa Group stock is down 38% from its peak. But why are investors turning bullish again? According to O'Neil's methodology of market direction, the Nifty 50 transitioned from a "Rally Attempt" to a 'Confirmed Uptrend". The Nifty 50 traded with a positive bias on Friday, closing near the day's high and recouping a portion of the week's earlier losses. Price action over the past week indicates a support zone in the 24,400–24,450 range, while resistance is seen near 25,000–25,100. A decisive breakout on either side could set the directional tone for the index. Given the prevailing bullish sentiment and favourable market conditions, the index appears poised to potentially surpass 25,000–25,200 in the coming days. How did Nifty Bank perform on 23 May? On Friday, the Bank Nifty opened flat and gained steadily throughout the session, closing 0.83% higher and forming a bullish candlestick on the daily chart. The rally was primarily driven by strong buying interest in heavyweight private sector banks. The index traded between 54,854 and 55,441 before settling at 55,398. On the other hand, the Nifty Financial Services (FINNIFTY) advanced nearly 1%, also forming a bullish candle, reflecting broader strength across the financial sector. Despite the positive daily performance, the Bank Nifty remained range-bound over the past week, ending with marginal gains and forming a Doji candle on the weekly chart with a long lower shadow, indicating buying support at lower levels. Technically, the index continues to trade above all its key moving averages on both daily and weekly timeframes, suggesting a supportive structure. Momentum indicators present a mixed picture. On the weekly timeframe, the RSI and MACD are trending upward, indicating a bullish medium-term bias. However, on the daily chart, the RSI has flattened, and the MACD remains in a negative crossover, pointing to ongoing short-term consolidation. This divergence suggests that the index is in a holding pattern, awaiting a decisive breakout to determine its next directional move. According to O'Neil's methodology of market direction, the Nifty Bank transitioned from an "Uptrend Under Pressure" to a 'Confirmed Uptrend". Also Read: Top three PSU bank stocks below ₹100 The Bank Nifty is currently trading in a sideways range with a positive bias and requires a decisive breakout above 56,000 to signal a continuation of the bullish trend. However, sustained trading below this level may keep the index confined within its current consolidation zone. The broader sentiment remains positive, and a breakout and close above 56,000 could open the door for an upward move toward 57,500–58,800 in the near term. On the downside, immediate support is identified around 54,500. MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, developed by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website. Trade name: William O'Neil India Pvt. Ltd. Sebi Registration No.: INH000015543 Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
