Can NALCO Roll Into The Downstream Market?
miningindia.com
nalcoindia.com
Its acquisition of International Aluminium marks the PSU's push into value-added products
Times are a-changing for NALCO. It's no longer an illiquid and lacklustre scrip. That is, after January, 1999, when the GOI agreed to halve the company's bloated equity-base to Rs 644.31 crore. In July, 1999, the NALCO counter saw trading-volumes surge to over 2 lakh shares (as opposed to an average of 54,573 shares in January, 1999). Moreover, the scrip was ruling at a high of Rs 46 on August 4, 1999. For the record, on January 28, 1999, the day the GOI approved the equity restructuring, the NALCO scrip was trading at Rs 23.35 on the Bombay Stock Exchange. 'Our efforts to integrate our operations will further boost our share-value,' averred CEO S.N. Johri to BT, barely days before he was to step down. That will be his successor's job. Currently, the race to occupy the corner-office on the first floor at NALCO Bhawan in Bhubaneshwar has begun. The top contenders: P. Parvathisem, the Chairman and Managing Director of Hindustan Copper. He's pitted against an internal candidate, C. Venkatramana, NALCO's Finance Director. While Venkatramana has pulled off NALCO's financial restructuring, he is, by no means, a certainty. Also in contention are heavyweights such as S.K. Ghosh, CEO, BALCO; H. Misra, CEO, Paradeep Phosphate; and A.K. Singh, Managing Director, RSP. The blue-chip PSU is attracting smelters of attention.
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