The company, in a release to the exchanges, said that a capital raising committee will meet on March 7 to consider the issue price of QIP.
Video footage circulating on social media purportedly from the protest in the northeastern city of Daqing near the border with Russia showed more than 200 people chanting and holding banners outside the city government headquarters.
CNBC-TV18‘s Anshu Sharma, quoting sources, said that revised MIP for primary aluminum products is likely to be USD 1996 per tonne. For secondary aluminum products, MIP is likely to be range of USD 2275-3266 per tonne.
The mines ministry may favour an MIP to protect local industry from a flurry of cheap imports. State-owned consulting firm Mecon to submit revised report shortly.
Nalco has cash reserve of Rs 3,000-3,500 crore, which will be used for domestic capacity expansion, said TK Chand, CMD of Nalco.
Vedanta, an associate company of the London Stock Exchange listed diversified resources group Vedanta Resources Plc, is expected to report a 5 percent degrowth in second quarter profit at Rs 930 crore and a 6 percent fall in revenue at Rs 15,519.3 crore on yearly basis, according to analysts polled by CNBC-TV18.
Revenue missed estimates, falling 11.4 percent to Rs 7,597.3 crore in the quarter ended June 2016 compared with Rs 8,575.3 crore in corresponding period of last fiscal.
Economic outlook for China is the most important issue to look at this year, says George King Cassell, Senior Specialist - Metals at Platts.
"Around mid-2016 and through 2017, we expect that the oil market will adjust, while metals markets are set to weaken further, particularly copper and aluminum, resulting in substantial downside to metals prices relative to oil over the period," the bank said.
Revenue is seen falling 5 percent to Rs 8,210 crore in quarter ended December 2015 compared to Rs 8,602 crore in corresponding quarter of last fiscal due to lower base metal prices but decline may get arrested by higher aluminum production from Mahan and Aditya smelters.
Under the direct tax regime, one-tenth of the expenditure on prospecting, extraction and production of mineral during 5 years ending with the first year of commercial production is allowed as a deduction from total income.
Operating profit (earnings before interest, tax, depreciation and amortisation) plunged 32.8 percent on yearly basis to Rs 602.8 crore and margin contracted by 370 basis points to 6.8 percent in September quarter.
Revenue may fall 6 percent to Rs 8,010 crore during the quarter compared to Rs 8,553.4 crore in same quarter last fiscal, impacted by lower realisations as aluminum prices corrected by 20 percent year-on-year. Lower realisations may be partly supported by ramp-up of Mahan and Aditya smelters.
Way2Wealth has recommended to buy MCX Aluminum Aug around Rs 100.55 with a stop loss of Rs 99.50 for the target price of Rs 102.60/104, in its research report dated Aug 25, 2015.
Abhijit Pati, CEO-Aluminum, Vedanta says aluminium‘s London Metal Exchange (LME) price has slid down to sub1600 level, one of the lowest level of 6 yrs.
Satish Pai, Deputy Managing Director (MD) of Hindalco told CNBC-TV18 that the aluminum industry would like a 5-10 percent hike in the import duty to ensure minimum damages to domestic manufacturers.
Aluminium major Hindalco Industries's fourth quarter profit may rise 18 percent year-on-year to Rs 293 crore, according to a CNBC-TV18 poll. The company will announce its earnings on May 28.
Aluminium major Hindalco Industries missed street expectations on all counts on Thursday. Net profit grew 7.5 percent year-on-year to Rs 359 crore, impacted by higher expenses.
Aluminium major Hindalco Industries will announce its third quarter earnings on Thursday. Profit after tax is expected to increase 26 percent year-on-year to Rs 420 crore led by strong revenue and operating income, according to a CNBC-TV18 poll. However, higher depreciation and interest costs may restrict profitability.
In an interview with CNBC-TV18‘s Nigel D‘Souza and Reema Tendulkar, Shrinivas V Dempo, Chairman, Goa Carbon, discussed the company‘s third quarter earnings and the outlook going forward.
Novelis‘ Q3 of fiscal 2015 revenues climbed 18 percent to USD 2.8 billion compared to USD 2.4 billion for the third quarter of fiscal 2014.
Lower aluminum prices, higher coal costs, delays in capacity ramp-ups may poise risk to the stock.
Way2Wealth has recommended to sell MCX Aluminum Nov around Rs 127 with a stop loss of Rs 128.4 for the target price of Rs 124.3, in its research report dated November 14, 2014.
The aluminum company traditionally has been one of the first S&P 500 companies to report quarterly results, and some see it as a bellwether for the broader US economy because it supplies major industries such as auto and airplane manufacturing.
Aluminium major Hindalco Industries will declare its third quarter (October-December) earnings today. According to CNBC-TV18 poll, analysts expect profit after tax of the Aditya Birla group owned company to fall 25 percent year-on-year (9 percent sequentially) to Rs 325 crore during the quarter.