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Sell National Aluminium Company; target of Rs 29: Emkay Global Financial


Emkay Global Financial is bearish on National Aluminium Company has recommended sell rating on the stock with a target price of Rs 29 in its research report dated June 27, 2020.

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Emkay Global Financial's report on National Aluminium Company

NALCO wrote back RPO liability worth c Rs1bn during the quarter, which boosted reported EBITDA by 100% in otherwise in-line Q4 earnings. We believe that the company should have disclosed this material write-back in the results. Coal supplies remained smooth, with inventory of over three months. However, Aluminum production remained low at c100kt, owing to pot ...


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