Share price of National Aluminium Co. surged 9.30% after China's Ministry of Finance announced the scrapping of export tax rebates on aluminium and copper products.
The new policy, set to take effect on Dec. 1, 2024, is expected to reduce China's aluminium exports, which could tighten global supply and push prices higher.
China's export tax rebates have historically acted as a subsidy, lowering the tax burden on exported aluminium and making Chinese products more competitively priced on the global market.
By eliminating these rebates, China is effectively reducing the competitiveness of its aluminium exports, which could benefit other aluminium producers outside China.
Nalco Share Price
Shares of Nalco rose as much as 9.30% to Rs 240.32 apiece, the highest level since Nov. 8, 2024, before paring gains to trade 8.02% higher at Rs 237.50 apiece, as of 10:42 a.m. This compares to a 0.64% decline in the NSE Nifty 50.
The stock has risen 70.85% on a year-to-date basis. Total traded volume so far in the day stood at 3.4 times its 30-day average. The relative strength index was at 59.2.
Out of 11 analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 3.6%.
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