The shares of the Govt. of India equity hold majority enterprise, National Aluminium Company Ltd (NALCO) has aroused by approximately 7% following its shareholding pattern data for September quarter revealed an expert investor Rakesh Jhunjhunwala stake.
The Government of India holds 51.28% in Nalco, with public shareholding comprising the rest.
As per the data of the September quarter, the Indian business magnate and investor, who manages his own portfolio as a partner in his asset management firm, Rare Enterprises Rakesh Jhunjhunwala has acquired a 1.36% stake or 25 million in Nalco.
Notwithstanding, the buying price of the Nalco stake by Jhunjhunwala and the date of the purchase are yet to be disclosed.
The brokerage firm JP Morgan has elevated the integrated aluminium company to neutral from underweight and hiked its target price from INR 46 to INR 104 a share.
The globally acclaimed JP Morgan predicts the sharp earnings per share upgrades for the aluminium stocks amid rising aluminium prices. The brokerage firm confirms that it anticipates aluminium price to surge by 35% in CY2022 and almost 18% for CY23.
The value of the shares for Nalco has sparked over 132% so far in 2021 with the NSE Nifty Metal Index's illustrated 79% gain. The deal has emerged during a situation when the world is countering crisis shortage and aluminium prices have escalated to a 13-year high.
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