Nalco Gains On Grant Of Bauxite Mine In Odisha

Shares of National Aluminium Company Limited (Nalco) surged nearly 6 per cent to hit intraday high of Rs 50.95 after the state-run aluminium producer secured the mining lease of a bauxite mine in Odisha. 

"As per a recent order issued by department of steel and mines, government of Odisha, Nalco has been granted the mining lease of Pottangi with an area covering 1,738 hectares for a period of 50 years," the company said in a statement. 

Nalco said that the mining lease would be a big boost for its Rs 5,600 crore expansion plans. 

Shares of Nalco ended 2.9 per cent higher at Rs 49.65.