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NALCO shareholders approve 4.67B Indian rupees dividend for FY15-16

National Aluminium Co. Ltd., or NALCO, said Oct. 1 that its shareholders approved a dividend of 2 Indian rupees per share of 5 rupees face value for its financial year 2015-2016.

The dividend, amounting to 4.67 billion rupees, is the highest payout since the state-run company's capital restructuring in 2011.

In March, the company's board declared an interim dividend of 1.25 rupees per share of 5 rupees face value for financial year 2015-2016.

NALCO posted a 22.4% year-on-year drop in net profit for the first quarter of its fiscal year 2017, to 1.35 billion rupees from 1.74 billion rupees a year ago, as low market realization outweighed increased production in the period.

As of Oct. 3, US$1 was equivalent to 66.52 Indian rupees.