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National Aluminium gains on bagging Pottangi bauxite mines
Market15/Jul/2016Business StandardNational Aluminium Company (NALCO) was trading higher by 4 per cent to INR 50.10 on the BSE in an otherwise subdued market after the company announced that the government has granted Pottangi Bauxite Mines, in Koraput district of Odisha, where the company's 22,75,000-tonne alumina refinery is located.
“As per a recent order issued by Department of Steel & Mines, Govt of Odisha, NALCO has been granted the mining lease of Pottangi with an area covering 1738 hectares for a period of 50 years,” NALCO said in a press release.
NALCO’s expansion plans, including the proposed addition of 5th stream in its existing Alumina Refinery at an investment of INR 5,600 crore, greatly depended on this additional source of bauxite, it added.
The stock hit an intra-day high of INR 50.80 on the BSE so far. A combined 1.34 million equity shares changed hands on the counter on the BSE and NSE till 09:48 AM. The S&P BSE Sensex was up 0.02 per cent at 27,819.
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