Odisha CM visits EGA Jebel Ali, highlights NALCO–EGA aluminium partnership
Odisha Chief Minister Mohan Charan Majhi visited Emirates Global Aluminium’s (EGA) Jebel Ali site in Dubai, highlighting the strategic importance of the NALCO–EGA technology licensing partnership in strengthening Odisha’s aluminium industry. During the visit, Majhi emphasised how the collaboration...
AL Circle Analysis: Import rise meets demand growth on aluminium extrusion chessboard
Aluminium’s downstream trade network is getting more fragmented as import dependence, changing end-use demand and trade-policy interventions reshape regional markets. From North America and Europe to Asia-Pacific, the aluminium industry is navigating a market where access to supply, competitive...
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Mahindra Electric to invest INR 1000 crore in EV components expansion
Leveraging on the potential growth of electric vehicles, Mahindra Electric, part of Mahindra & Mahindra group has announced an investment of INR 1000 crore for the development of new products, technology and capacity expansion, a senior company executive said while inaugurating its new technology...
GSI report indicates about 5.88 million tonnes of bauxite reserves in Meghalaya, India
According to an official of the Geological Survey of India (GSI), the remote region of North-east India has mineral reserves worth more than INR 10 lakh crore. However, these mineral reserves which are found in the land-locked region have not been explored. According to Tapan Pal, Director, PSS,...
Hind Aluminium’s net profit drops 24% YoY in Q2 FY2018-19
Hind Aluminium Industries Limited, a manufacturer of aluminium & alloy Conductors and aluminium wire rods for power transmission and distribution applications, has reported financial results for the 2nd quarter ended on 30th September, 2018. Net sales stood at INR133.53 crore in Q2 FY2018-19, down...
NALCO’s net profit jumps three-fold in H1 FY 2018- 19
National Aluminium Company Limited (NALCO) has once again repeated its strong performance by posting a turnover of INR5952 crore in the first half of FY 2018- 19, registering a growth of 42% YoY. The company has posted net profit of INR 1197 crore during the first half of 2018-19, up 229% from...
Hindalco to inject INR 6000 crore for establishing downstream units in Odisha & Gujarat
Hindalco, the world’s largest aluminium rolling company, has announced to invest INR 6,000 crore towards setting up of downstream facilities in Odisha and Gujarat. While in the Sambalpur district of Odisha the company will establish a flat-rolled products unit, in Mudra at Gujarat the company is...
Sources say Honda cars would roll out electric vehicles in India in 5 years
In the line with India government's plan to shift to electro-mobility, Japanese carmaker Honda Motor is planning to launch electric vehicle in the Indian market by 2023-2024, sources said. The project will be a part of the company's global electric rollout plan, to be kicked off in China in 2019....
Bharat Forge’s growth may be capped despite improved September quarter results
The upside for India’s largest forging company; Bharat Forge is likely to remain capped in the medium term despite its September quarter results beating Street estimates. Revenue growth is expected to moderate from commercial vehicle makers for domestic and overseas customers as the current year is...
India’s alumina import to grow 37.5% in 2018 while it surged 39% in Q1
According to the report by CARE, India ranks fourth in terms of production of alumina and produces about 5 per cent of the world alumina. The report shows there had been an 8.4 per cent year-over-year increase in alumina production from FY 2015-16 to FY 2016-17. Some of it is consumed internally...
Endurance Technologies gets approval to raise funds up to INR 750 crore
Endurance Technologies has received an approval for raising of funds through issuance of fresh/new equity shares through one or more public or private offerings or combination thereof as may be permitted under applicable law(s), for an amount up to INR 750 crore. Endurance Technologies is one of...
Vedanta, Jharsuguda’s Aluminum Smelters and Power Business bag Golds at the Odisha State safety Conclave 2018
Vedanta Limited, Jharsuguda’s Aluminum Smelting Business & Captive Power Plant (CPP) and Thermal Power Plant Business received Golds of the Kalinga Safety Awards for the 2017 for its excellent safety practices at the Odisha State Safety Conclave (OSSC) 2018 on 2nd November 2018 at Bhubaneshwar. Mr....
India likely to defer higher import duties on US products by another 45 days
The Government of India is likely to postpone the imposition of higher import duties once again on American goods by another 45 days, a finance ministry official told Cogencis. “The government will soon issue the notification regarding the same. The hike in import duty on US goods is likely to be...
Vedanta’s alumina import stands higher than the total scrap shipped in by recyclers: Source
According to a report by BusinessLine , billionaire Anil-Agarwal-owned Vedanta has imported some 12.69 lakh tonnes of alumina this year between April and August while on the other hand, over 3000 small and medium enterprises together imported 5.41 lakh tonnes of aluminium scrap as raw material for...
Hindalco and Vedanta cut prices of aluminium ingots in line with falling 3-months LME prices
According to trade sources both Vedanta and Hindalco have cut prices of their products on Wednesday October 31. Vedanta Ltd has cut prices of aluminium ingots by more than 1% from October 31, after raising the prices of the same products by over 1%, which came after eight consecutive price cuts....
Nalco projects Odisha aluminium hub at International Mining and Resources Conference in Melbourne
One of the world’s largest mining and resources conference, the International Mining and Resources Conference is being held from October 29 to November 1 at Melbourne, Australia, the leading mining hub of the world. The conference is being attended by over 6,000 delegates from more than 90...
Vedanta’s profit declines 34% YoY in Q2 FY2019
Vedanta Resources plc's subsidiary Vedanta Limited announced results on Wednesday, October 31, for the second quarter ended 30 September 2018. Metals and mining major reported net profit of INR 1,343 crore in the July-September quarter of 2018, up 34.3 per cent from INR 2045 crore in the...
Indian Government reportedly considering proposal to increase import duties on aluminium
Following the request by the aluminium industry to increase import duties on both primary aluminium and aluminium scrap, the Indian government is now reportedly thinking to take it into consideration, sources said. The aluminium industry players have demanded a hike in import duties because of the...
India pressing for aluminium tariff relief from US and pursuing talks to resolve trade issues
According to the update from Commerce and Industry Minister Suresh Prabhu, India and the United States have exchanged offers for a possible trade deal to resolve issues related to bilateral commerce. “The negotiations are ongoing,” he said, while adding that the US has given an offer which in...
Aluminium scrap recycling MSMEs opposing import duty hike on aluminium scrap
The aluminium scrap recycling industry, comprises mainly of micro, small, and medium enterprises (MSMEs), is reportedly opposing the proposed import duty hike on aluminium scrap from 2.5 per cent to 7.5 per cent. The All India Non Ferrous Metal Association (AINFMA) is of an opinion that the...
