Vedanta hikes aluminium product prices 2% to six-week high levels
Vedanta Ltd has hiked the prices of aluminium ingots by nearly 2% with effect from Saturday, trade sources told Cogencis.
The company has hiked the prices of its products the second time in a week, and they are now at their highest level in six weeks.
Vedanta has currently priced its ingots in the range of 141,250-154,250 rupees.
Companies generally link the prices of their products to the three-month futures of aluminium on the London Metal Exchange, which are up nearly 4% so far in the current quarter, in line with the positive developments on the trade front between the US and China. Prices of aluminium fell in August and September.
The aluminium vertical contributed around a third to Vedanta's consolidated sales in the June quarter. However, the operating loss for the segment widened sequentially.
The company is present in the aluminium segment through its stake in Bharat Aluminium Co Ltd and its smelters in Jharsuguda, Odisha. It commands 40% share of India's primary aluminium market.
At 1234 IST, shares of Vedanta were up more than 3% at 158.00 rupees on the National Stock Exchange.
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