Long NALCO with Target of 90 and SL 79.5

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1.Aluminum company Nalco had reported bumper Q2 results last week, with a close to two-fold rise in net profit at Rs 234.63 crore for the quarter ended September 30, compared a net profits of Rs . 121.2 crore in the same quarter last year.
2.With China cracking down on illegal and highly polluting aluminum producers under new environmental norms, aluminum prices are expected to remain high, a boost to producers like Nalco. Additionally, higher bauxite and caustic soda pricing is also expected to impact aluminum pricing.
3.Nalco has now said that it is looking to expand its mineral explorations in Africa, through a JV with Mineral Exploration Corporation (MECL) and Hindustan Copper ( HCL ).
4.The companies have identified twelve "strategic minerals" - including tin, tungsten and titanium - that are not significantly available in India, but have deposits in South Africa and other African countries. The planned JV, Khanij Bidesh India, will explore possible sources in the region.
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