National Aluminium Company (NALCO) share price gained over 2 percent intraday on February 18. The company will buy back Rs 749-crore worth of shares, DIPAM Secretary Tuhin Kanta Pandey has said. The offer opens on February 25 and closes on March 10.

The government holds 51.50 percent stake in the company and would tender shares proportionate to its holding.

"NALCO has made an offer for buyback of its equity shares for an amount up to Rs 749 crore. As the promoter, GoI has decided to participate in the buyback to the extent that GoI equity remains at least 51 percent," Pandey tweeted.

Finance Minister Nirmala Sitharaman had in the Budget 2020-21 set a target of raising Rs 2.1 lakh crore from privatisation and sale of minority stakes in state-owned companies. So far in this fiscal, the government has garnered Rs 17,957 crore from CPSE minority share sale and buyback.

The company reported a consolidated profit of Rs 239.71 crore for the quarter ended December 31, 2020. However, the company had posted a consolidated loss of Rs 33.90 crore in the corresponding quarter of the previous financial year, Nalco said in a filing to the BSE.

Its consolidated income during October-December 2020 increased to Rs 2,414.95 crore, compared with Rs 2,136.57 crore in the year-ago period. Nalco Chairman and Managing Director Sridhar Patra said in a statement,

The stock was trading at Rs 51.65, up Rs 1.15, or 2.28 percent at 0955 hours. It has touched an intraday high of Rs 51.90 and an intraday low of Rs 51.20.

(Source:Money Control)