NALCO shares surge almost 8% after mining lease from Odisha

NALCO shares surge almost 8% after mining lease from Odisha

NALCO shares surge almost 8% after mining lease from Odisha:

NALCO: It is a public undertaking company in India located in Bhubaneswar, Odisha. The National Aluminium Company Limited (NALCO) provide services in mining, metal, and power. However, the company is one of the subsidiaries to Navratna Group, while the central government holds almost 52% stakes in the company. Whereas, the company is one of the largest Bauxite-Aluminium-Power Complex in the country.

Meanwhile, the company on Monday reported a bullish trend in the stock market. The company reported almost 8% after the company bagged a mining lease in the Utkal-D coal block by Odisha government. Whereas, the Odisha government-issued a notification against the mining lease on April 16, 2020.

Besides, the mining lease of the Utkal-D coal block has almost 301.28 hectares in villages like Kosala, Nandichood, Similisahi, and Raijharan under Chendipada Tehsil, Angil District. The initial capacity of the Utkal-D coal block is 2 million tonnes per year with almost 101.68 million tonnes of total reserves.

On the other side, NALCO is an alumina-aluminium company in Asia. It produces value chain from mining bauxite, refining alumina, smelting aluminium, captive power generation to a strong logistic network in terms of rail & port facilities, coal mining and handling plant to support its operations and to become one of the most cost-efficient aluminium companies across the globe.

However, the National Aluminium Company Ltd reported a bullish trend in the stock market. It gained 2.45 points with a 7.67% increase and reached 34.40 INR. While in BSE, the company gained 2.20 points with a 6.88% increase and reached 34.20 INR.

Stock Market April 20:

On Monday, the stock market reported a mixed trend. The Sensex reported a bullish trend, while Nifty reported a bearish trend in the stock market on Monday. However, the Sensex trading above 31,600 level and Nifty trading below 9,300 level in the stock market. The Sensex gained 59.28 points with a 0.19% increase and reached a 31,648.00 level. While Nifty lost 4.90 points with a 0.05% decrease and reached 9,261.85 level.

On the other side, the number of coronavirus cases in India reached 17,265 as of Monday, April 20 and deaths reached 543.

In the border market, the S&P BSE Smallcap index reported a bullish trend in the stock market on Monday. It gained 86.00 points with a 0.80% increase and reached a 10,886.91 level. The S&P BSE Midcap index lost 25.24 points with a 0.21% decrease and reached an 11,798.83 level. While Nifty Bank lost 158.80 with a 0.77% decrease and reached 20,522.65 level.

Top Gainers on April 20: Tata Motors, Infosys, HDFC Bank, Sun Pharma, and NTPC are the top gainers in the stock market. 

Top Losers on April 20: Hindalco, JSW Steel, Bharti Infratel, Axis Bank, and Grasim are the top losers in the stock market.

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