Non-ferrous metals producer Hindalco Industries plans to start its 1.5 million tonne per annum (mtpa) alumina refinery in Orissa by January 2013, a senior company executive said today.
Non-ferrous metals producer Hindalco Industries plans to start its 1.5 million tonnes per annum (mtpa) alumina refinery in Orissa by January 2013, a senior company executive said on Saturday.
Shares of metal companies are under pressure on the bourses after the LMEX, a gauge of six metals traded on the London Metal Exchange (LME), has closed at 3,338.90 its lowest level since January on Greece woes.
The Odisha government has urged A V Birla controlled Hindalco Industries to promote downstream industries in aluminium sector for employment generation in the state instead of confining itself to aluminium making.
Over the past year, shares of Hindalco have fallen 45 per cent compared to a 13 per cent fall in the Sensex. Hindalco’s underperformance has continued even over the past couple of months, a period when other metal stocks staged a recovery of sorts.
Hindalco Industries, the Aditya Birla Group flagship company, on Tuesday reported a 9.6 per cent drop in fourth-quarter net profit, compared to a year ago, due to low aluminium price on the London Metal Exchange and a steep escalation in the cost of
Hindalco Industries has moved higher by 3% at Rs 119, bouncing back almost 5% from day’s low of Rs 113, on reporting a better-than-expected a net profit of Rs 640 crore the quarter ended March 2012, on back of higher volume and realization.
Murphy’s law seems to be at play at Hindalco Industries. Almost everything that has to go wrong has gone wrong on its expansion plans. The company had crafted a well-laid out plan to increase its aluminium and alumina production capacities.
Former Securities and Exchange Board of India (Sebi) chairman M Damodaran has joined the Hindalco Industries board as an independent additional director, the aluminium maker said in a regulatory filing on Tuesday.
The Utkal Alumina project, a 1.5 million tonne per annum (mtpa) alumina refinery plant being set up by AV Birla owned Hindalco Industries at Kashipur in south Odisha's Rayagada district, is set to go into production by December this year.
Shares of metal companies are under hammer on the bourses with many of them trading lower by 2-5% on the Bombay Stock Exchange (BSE), after data showed a much slower pace in U.S.
Novelis, owned by the Aditya Birla Group flagship company, Hindalco Industries, has been selling its loss-making assets for a while, even if it means selling a smelter in a high-growth market like Brazil.
Aditya Birla group flagship company Hindalco Industries today said its shareholders have approved the issuance of 1.5 million warrants to promoter group entities on preferential basis.
Shares of metal companies are under pressure and trading lower by 2-4% on reports that the China, the world's largest consumer of copper and aluminum, scaled down its GDP growth target to 7.5% this year from last year's 8%.
Aluminium, on the London Metal Exchange (LME), has been falling since the beginning of the year. So has been the core earnings of Hindalco Industries and in turn, the profits.
Hindalco Industries will issue up to 150 million preferential warrants to the promoters and raise Rs 2,000 crore, the company that is part of the Aditya Birla Group said on Thursday.
Hindalco’s December quarter numbers illustrate the stress faced by metal producers. The sector has been hit by a double whammy of lower prices and higher costs.
Eyeing a turnover of Rs 700 crore in the next five years, NourishCo -- a joint venture between Tata Global Beverages and PepsiCo India -- today said it will expand its product portfolio of healthy products rapidly.
