07 JUNE 2019www.cogencis.com
Hindalco cuts prices of aluminium products by nearly 2% from Wed
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Hindalco Industries Ltd. has cut the prices of aluminium products by nearly 2% with effect from Wednesday, trade sources told Cogencis.
With this price cut, rates of the company's products have slipped to a multi-month low. The rates are down more than 7% compared to the previous quarter.
The three-month futures of aluminium on the London Metal Exchange, to which the company generally links prices, is also down 7% in the same period.
Hindalco's aluminium operations, excluding those of US-based subsidiary Novelis Inc, generally account for nearly half of the company's sales and 70% of its operating profit.
At 1128 IST, shares of Hindalco Industries were down nearly 1% at 196.10 rupees on the National Stock Exchange.
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