Shares of National Aluminium Co. rose on Wednesday after its profit jumped in the third quarter of fiscal 2024.
Net profit of the company surged 83.6% year-on-year to Rs 470.6 crore in the quarter ended Dec. 31, 2023, according to an exchange filing.
Nalco Q3 FY24 Results Highlights (Consolidated, YoY)
Revenue up 1.5% at Rs 3,346.9 crore.
Ebitda up 66.06% at Rs 773.1 crore.
Margin expands 897 bps to 23.09%.
Net profit up 83.6% at Rs 470.6 crore.
Shares of the company rose as much as 9.90%, the highest level since Monday, before paring some gains to trade 9.02% higher at 12:58 p.m. This compares to a 0.26% decline in the NSE Nifty 50.
The stock has risen 96.76% in the past 12 months. Total traded volume so far in the day stood at three times its 30-day average. The relative strength index was at 60.
Of the 10 analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 107.6%.
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