National Aluminium Company Limited (Nalco) declared a final dividend of R 1 per share (20% on a face value of R 5 per share) for the financial year ending March 31, 2021, on Monday.
Shares of the company soared over 7% to Rs 100 per share on Monday, ahead of a board meeting set for today to review and approve the final dividend for the fiscal year 2020-21.
Meanwhile, aluminum prices soared to their highest level in more than a decade as political upheaval in Guinea fueled fears about the supply of the raw material needed to manufacture the metal.
The business said in a regulatory filing that this final dividend is in addition to the Rs. 2.50 per share (50 percent on face value of Rs.5/- each) interim dividends paid in December 2020 and March 2021, respectively, throughout FY21.
The Board of Directors has recommended a final dividend of Re.1/- per share (20% on a face value of Rs.5/- per share) for the fiscal year ending March 31, 2021, subject to shareholder approval at the succeeding Annual General Meeting (AGM).
This final dividend is in addition to the Rs. 2.50 per share (50 percent on a face value of Rs.5/- each) interim dividends that were paid in December 2020 and March 2021, respectively, during the financial year 2020-21.
Nalco recorded a huge increase in consolidated earnings for the quarter ending June, up to 347.73 crores from 16.69 crores the year before.
The Ministry of Mines has designated Nalco as a Navratna CPSE. Mining, metals, and power are all part of the company's integrated and varied operations. Nalco is 51.28 percent owned by the government.