Nalco announces final dividend of Re 1 per share for FY21: Key things to know
Aluminum climbed to the highest in more than a decade as political unrest in Guinea fueled concerns over supply of the raw material needed to make the metal
PremiumNational Aluminium Company Limited (Nalco) on Monday announced final dividend of R 1 per share (20% on face value of ₹5 each) for the financial year ended 31 March 2021.
This final dividend is in addition to the 1st and 2nd interim dividend of Rs. 2.50 per share (50% on face value of Rs.5/- each) already paid during December, 2020 and March, 2021 respectively during FY21, the company said in regulatory filing.
Ahead of thedivident announcement shares surged over 7% to ₹100 per share on Monday ahead of its board meet that is scheduled today to consider and recommend final dividend for the financial year 2020-21. Meanwhile, the metal stock was also in focus as aluminum prices climbed to the highest in more than a decade as political unrest in Guinea fueled concerns over supply of the raw material needed to make the metal.
“.. A meeting of the Board of Directors of the Company will be held on Monday, the 6th September, 2021 inter-alia to consider and recommend final dividend for the financial year 2020-21, if any, on the equity shares of the company," the mining company had informed on August 27.
A unit of the military seized power and suspended the constitution, with head of special forces, Colonel Mamady Doumbouya, urging the army to back him. That rattled global aluminum markets prices in London notched a fresh 10-year high and futures in China climbed to the highest since 2006 as the political instability raises the possibility of disruptions to bauxite shipments from the key global supplier, reported Reuters.
Aluminum has climbed about 40% this year as massive global stimulus measures stoked demand just as smelters in China, the biggest producer, struggled to maintain output during a seasonal power crunch and Beijing sought to rein in the country’s carbon emissions. Bauxite is the feedstock used to make alumina, which is further processed into aluminum, and Guinea accounts for more than half of all of Chinese imports.
For the quarter ending June, Nalco reported a significant rise in consolidated profit at ₹347.73 crore as against ₹16.69 crore in the year-ago period. Nalco is a Navratna CPSE under the Ministry of Mines. The company has integrated and diversified operations in mining, metal and power. The government holds 51.28% equity of Nalco.
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