National Aluminium Limited (NALCO) posted strong 2QFY16 result, which was above our estimate, due to better operational performance from the alumina division. EBITDA, during the quarter, fell 29% yoy but increased 52% qoq to Rs3.4bn (our estimate Rs1.9bn). EBITDA was above our estimate due to higher than expected Alumina realization and in-turn profitability. Alumina sales volume at 315,000 tonnes (our estimate 320,000 tonnes) increased 43% qoq. (It must be noted that 1QFY16 volumes were affected due to maintenance shutdowns). Alumina realization at US$302/tonne was flat qoq, but fell 7% yoy and was higher...