Home/ Markets / Stock Markets/  NALCO surges 7% after Jhunjhunwala stake disclosed

MUMBAI : Shares of National Aluminum Co. Ltd jumped nearly 7% after its shareholding pattern data for September quarter disclosed ace investor Rakesh Jhunjhunwala stake.

At closing, the stock settled at 101.25, up 5.09% from its previous close. In intraday it hit a high of 103 a share and gained as much as 6.9%. So far this year the scrip has surged over 137%.

According to September quarter data, Rakesh Jhunjhunwala has 1.36% stake or 25 million shares in the firm.

However, at what price Jhunjhunwala bought stake and date of the purchase has not been given.

Brokerage firm JP Morgan has upgraded the company to neutral from underweight and increased its target price to 104 from 46 a share.

JP Morgan expects the sharp earnings per share upgrades for the aluminum stocks amid rising aluminum price. The brokerage firm says it sees aluminum price increase by 35% in CY2022 and almost 18% for CY23.

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Updated: 12 Oct 2021, 04:01 PM IST
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