NALCO raises prices, Aluminium edges upwards

MUMBAI (Commodity Online): Indian aluminium maker, National Aluminium Company Ltd (Nalco) (BOM: 532234) raised its aluminium products’ prices on the back of uptrend in overseas markets. Nalco raised the prices of aluminium products by Rs.1000 per tonne reflecting the recent uptrend in prices on the London Metal Exchange. The company stocks opened with a sharp gain of close to 6% and hovered at 3% gain during the later trading sessions at Rs.378. Get Trading Tips just for one commodity The stock hit a high of Rs.390 and a low of Rs.375 so far during the day. The large-cap stock had outperformed the market over the past one month till 5 November 2009, rising 9.54% as compared to the Sensex's 4.76% fall. Nalco had on 13 August 2009 hiked the prices of aluminium products by almost 6% to Rs.6,000-7,000 per tonne. The company had earlier hiked aluminium prices by 5.8% or Rs.6000 a tonne on 1 August 2009. Nalco's net profit plunged 64.1% to Rs 159.49 crore on 25.6% fall in net sales to Rs 1143.06 crore Q2 September 2009 over Q2 September 2008. The company declared its results on 30 October 2009. In the Indian market, aluminium prices hovered up at Rs.89.7 per kg for the MCX November contract.