National Aluminium Company Limited (NALCO) experienced a noteworthy upswing of 3 per cent in morning trading on January 10, following the unveiling of an ambitious growth and sustainability roadmap for the next three decades by the Chairman and Managing Director (CMD), Sridhar Patra.

This surge is part of a broader trend, as NALCO has seen an impressive 57 per cent rally over the past year, clearly outperforming the Nifty, which managed a comparatively modest 20 per cent increase during the same period.

It's worth noting that NALCO is classified as a Navratna public-sector undertaking (PSU) under the Ministry of Mines.

During the commemoration of the company's 44th Foundation Day, CMD Sridhar Patra underscored key developments driving NALCO's growth.

He highlighted the ongoing expansion of the refinery and plans to enlarge the smelter, attributing these initiatives to the operationalization of allocated coal blocks and the attainment of statutory clearances for the Pottangi Bauxite mines.

Patra expressed pride in the cumulative efforts of the past 43 years, emphasizing NALCO's commitment to excellence and continual improvement.

According to him, the past three years have witnessed significant achievements, with backward integration and the securitization of energy and bauxite enhancing the company's business scope for the next three decades.

NALCO operates its captive Panchpatmali bauxite mines for the pit-head alumina refinery, aluminium smelter, and captive power plant located at Angul in Odisha.

The company's financial performance for the September quarter demonstrated a robust 49.3 per cent increase in consolidated profit, reaching Rs 187.35 crore.

However, there was a 13 per cent YoY decline in consolidated income, which stood at Rs 3,112.02 crore.

As of 9:51 am, NALCO shares were trading at Rs 131.20 on the National Stock Exchange (NSE), reflecting a 2 per cent increase.

Over the past year, the stock has exhibited a remarkable 57 per cent rally, positioning itself as a standout performer against the benchmark Nifty 50, which saw a 20 per cent rise over the same period.

Currently near its 52-week high of Rs 139.85, attained on January 2, the stock has maintained a bullish trend since its low in September 2022.

Vidya Sawant, AVP Technical Research at GEPL Capital, predicts positive momentum for NALCO, noting that dips towards the short-term 12-week exponential moving average (EMA) and 26-week EMA consistently act as crucial support levels.

Sawant anticipates the stock's upward trajectory to continue, with a potential move towards the Rs 147 mark. In essence, the market sentiment remains favourable for NALCO, and the outlined growth initiatives seem to have resonated positively with investors.