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THINK ALUMINIUM THINK AL CIRCLE
This week, the global primary aluminium segment was about top companies announcing their financial results. To begin with, Aluminium Bahrain B.S.C. (Alba) reported that during Q2 and H1 2022, the aluminium smelter outside China reported a 97 per cent increase in net profit to BD181.9 million compared to BD92.7 million during the same time last year. National Aluminium Company (Nalco) registered a consolidated net profit increase of 60.6 per cent to approximately $70 million (INR 557.91 crore) in Q1 FY23 over Q1 FY22 on the strength of a 52.9 per cent increase in net sales to $475.33 million (INR 3783.32 crore). Hindalco industries reported that its consolidated profit after tax (PAT) surpassed record performance in 4QFY2022, rising to an all-time high of INR 4,119 crore. Hindalco Industries and Greenko Group, two of the world's largest producers of clean energy with a combined output of 17 billion units, are planning to construct a 375–400 MW green energy project in Odisha.
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Hindalco’s Managing Director, Satish Pai, assured reporters by saying Indian aluminium makers are not going to downsize or diminish the usual aluminium production rate any time soon, even though their contemporaries worldwide decide to do so.
Vedanta Limited, one of the leading oil to metals organisations, has planned to invest $2 billion in aluminium, zinc, oil and gas for FY23. Anil Agarwal, the chairman of Vedanta, stated during a speech at the firm's Annual General Meetings (AGM) that the business is entering the strategic manufacturing of semiconductor fab and display fab.
To know more: https://www.alcircle.com/news/vedanta-plans-to-invest-2-billion-to-strengthen-its-aluminium-oil-and-zinc-capacities-83242
Aluminium Stewardship Initiative (ASI) announced on Wednesday, August 10, that the London Metal Exchange (LME) had conditionally accepted ASI's Performance Standard V3 (2022) as a recognised alignment-assessed standard for Track A of its Responsible Sourcing Requirements.
To know more: https://www.alcircle.com/news/lme-approves-asis-performance-standard-v3-as-a-recognised-alignment-assessed-standard-83246
Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter outside China, announced its Q2 and H1 2022 fiscal results on Thursday, August 11, reporting a 97 per cent surge in net profit to BD181.9 million versus BD92.7 million during the corresponding period of the previous year. Gross profit for Q2 was BD208 million, compared to BD123.7 million a year ago.
The LME benchmark price for aluminium increased this week by US$33 per tonne, but it began the week on the downside and also showed intermittent drops. On Monday, August 8, the official settlement price for LME aluminium and the cash bid price for LME aluminium both fell by US$12 per tonne, to US$2,435 and US$2,435.50 per tonne, respectively.
To know more: https://www.alcircle.com/news/lme-benchmark-aluminium-price-records-1-44-spike-to-us2498-t-shfe-earns-us11-t-83252
On Friday, August 12, A00 aluminium ingot price in China slipped by RMB 100 per tonne to close at RMB 18,670 per tonne. The average price for the same was expected to range between RMB 18,650 per tonne and RMB 18,690 per tonne, with spot contracts to be traded at a discount price of RMB 370 per tonne to RMB 330 per tonne.
On Wednesday, August 10, Hindalco Industries Limited announced its first quarter results ended June 30, posting the highest net profit once again. The company’s consolidated profit after tax (PAT) reached an all-time high at INR 4,119 crore, exceeding record performance in 4QFY2022.
To know more: https://www.alcircle.com/news/hindalcos-q1-pat-exceeds-the-previous-quarter-to-reach-a-new-high-at-inr4119-crore-83247
Century Aluminum Company, announced its second quarter 2022 results on Tuesday, August 9, reporting a 14 per cent quarter-on-quarter increase in net sales from $753.6 million to $856.6 million, attributable to higher realised LME prices and regional premiums. As a result, net income rose 19.7 per cent sequentially from $17.7 million to $37.4 million.
The Indian state-owned integrated aluminium company National Aluminium Company (Nalco) reported a 60.6 per cent rise in consolidated net profit to around $70 million (INR 557.91 crore) on a 52.9 per cent increase in net sales to $475.33 million (INR 3783.32 crore) in Q1 FY23 over Q1 FY22.
To know more: https://www.alcircle.com/news/indias-nalco-reports-61-leap-in-net-profit-for-fy23-82220
The company engaged in the mining and trading metallurgical coal, PT Adaro Minerals Indonesia Tbk (ADMR) stock value zoomed on 11th August 2022, after reportedly the news floated the possibility of investment from the giant South Korean automotive company, Hyundai.
To know more: https://www.alcircle.com/news/south-korean-automotive-giant-to-invest-in-indonesian-aluminium-smelter-project-83249
The most significant clean energy company in India, delivering 17 billion units, Greenko Group, and one of the world's aluminium producers Hindalco Industries, have agreed to build a green energy project in Odisha with a capacity of 375 MW-400 MW.
To know more: https://www.alcircle.com/news/greenko-to-develop-green-energy-facility-for-an-aluminium-smelter-in-india-83253
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