NALCO, Hindustan Copper shares gain up to 7% on India's first lithium exploration deal

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NALCO, a PSU firm engaged in alumina and aluminum manufacturing and sales, saw its shares surge sharply in today's intraday session, hitting a new lifetime high of ₹144 apiece by gaining 6.70%. This achievement is particularly noteworthy as the stock has set a new record after a gap of 16 years, surpassing its previous all-time high of ₹141.60 apiece, which was set in January 2008.

Also Read: IRFC, RVNL, and Mazagon Dock jump up to 13% to their respective new highs In a similar positive trend, Hindustan Copper, a state-owned company engaged in mining copper ore in India, also experienced a sharp increase in today's trade, reaching a new 52-week high of ₹289.30 apiece by gaining 7%. On Monday, Khanij Bidesh India Limited (KABIL), a joint venture between NALCO, Hindustan Copper, and Mineral Exploration, signed an agreement with Argentina's CAMYEN SE to explore and develop five lithium mines, the government said in a press release.

KABIL was formed in 2019 to source strategic minerals like lithium and cobalt from overseas locations. Lithium is the single most important critical mineral for the energy transition and a fundamental component of lithium-ion batteries, which power electric vehicles and battery energy storage systems.

Also Read: Top 10 chemical stocks that could benefit from booming EV battery supply chain The agreement, a first-ever lithium exploration and mining project by a government company of India, allows KABIL to commence exploration and development of five lithium brine blocks in Catamarca, Argentina. The blocks cover an area of approximately 15,703 hectares.