NALCO reported better performance compare to our estimates owing
to surprise on volume front. Nevertheless, profit number was similar
compare to our estimate due to substantial increase in employee cost
number as a result of sixth pay commission provision. Despite, better
performance, the company reported lowest quarterly profit in last
decade and there seems to be no respite in near future since current
LME aluminium price remains very near to the cost of production of
the company. Aluminium has been one of the weakest metal on LME
due to very sharp surge in inventory to the tune of four times in last
one year.
| NIFTY 
