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Government mulling to sell 10% stake in NALCO: Report

27 Mar 2012 Evaluate

The government is reportedly mulling to sell 10 percent stake in state-run National Aluminium Company (NALCO) as part of its asset sale programme.

Recently, Nalco set a target of a sales turnover of Rs 7,073 crore during the 2012-13 financial year, which is Rs 500 crore more than that of the current financial year. Pursuant to this, a Memorandum of Understanding (MoU) was signed between Nalco and Ministry of Mines regarding physical and financial targets for the 2012-13 fiscal.

The company posted a fall of 79.99% in its net profit of Rs 51.22 crore for the quarter ended December 31, 2011 as compared to Rs 255.95 crore for the same quarter in the previous year. However, total income increased by 3.07% from Rs 1532.51 crore for Q3FY11 to Rs 1579.51 crore in the quarter under review.

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