Nalco Dividend Announcement: Board decides final dividend at Re 1 per share for fiscal 2021; stock hits 52-week high on NSE, up 6%

The Register of Members and Share Transfer Books of the company will remain closed from 27 September 2021 to 30 September 2021

The dividend decision is subject to the approval of shareholders in the ensuing Annual General Meeting (AGM), the company has mentioned. Source: PTI

National Aluminium Company Limited (Nalco) has announced a final dividend at Re 1 per share (20 per cent on the face value of Rs 5 each) for the financial year ended 31st March 2021. The decision was taken in the company’s board meeting on 6th September.

Similarly, this decision is subject to the approval of shareholders in the ensuing Annual General Meeting (AGM). This final dividend is in addition to the 1st and 2nd interim dividend of Rs 2.50 per share (50 per cent on the face value of Rs 5 each) already paid during December 2020 and March, 2021 respectively during the financial year 2020-21.

Nalco has informed the National Stock Exchange of India. The company has also informed, "This has reference to the correspondence resting with our letter dated August 27, 2021 on the above subject."

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Nalco has further mentioned that the Register of Members and Share Transfer Books of the company will remain closed from Monday, the 27 September 2021 to Thursday, the 30 September 2021 (both days inclusive).

“Subject to provisions of the Act, final dividend @ Re 1 per share, as recommended by the Board of Directors, if declared in the AGM, will be paid within a period of 30 days from the date of declaration,” the company has also informed.

The Board meeting started at 3 pm and concluded at 4.45 pm. The share price jumped 6 per cent after this announcement. Nalco hits a 52-week high on 6th September.

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NALCO posted a net turnover and net profit of Rs 8,869.29 crore and Rs 1,299.56 crore, respectively in FY20-21 compared to Rs 8,425.75 crore and Rs 138.23 crore achieved during the previous year. The net profit of the company for the financial year 2020-21 jumped by 840 per cent over last financial year. The results were driven by strong operational performance by units, with effective sales strategy, cost-saving measures, supported by favourable LME price.

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