Demand for base metals in the domestic market is likely to remain positive on long-term basis due to investments in infrastructure projects, a report said.
India's iron ore production is likely to have increased by 28 per cent to 200 million tonnes during the 2016-17 fiscal, a top official said today.
The Aluminum Association filed antidumping and countervailing duty petitions with the Department of Commerce and the International Trade Commission charging that unfairly traded imports of certain aluminium foil from China are causing material injury to the domestic industry.
Research firm has a overweight call on the stock, citing the company being fastest-growing aluminium and zinc firm in the world; sees risks to balance sheet going down.
"With the aluminium market firming up, the Navaratna PSU foresees sunny days ahead and plans to increase cast metal production by 12 percent in the next fiscal," National Aluminium Company Ltd (Nalco) said.
Domestic aluminium makers want minimum import price (MIP) to protect against surge of cheap imports, but the commerce ministry â€œcautiousâ€ as move may not be strictly WTO-compliant
In an interview to CNBC-TV18, TK Chand, CMD of National Aluminium Company (NALCO) spoke about the results and his outlook for the company.
The Centre is mulling taking more measures to safeguard the interests of the aluminium industry, a Parliamentary Panel said today.
The duty was slapped on 'pre-painted, colour coated or organic coated flat steels in coils or not in coils whether or not with metallic coated substrate of zinc, aluminium-zinc or any other substrate coating, excluding plates of thickness 6mm or more'.
The government today said that it is considering imposing a minimum import price (MIP) on aluminium, a move that may help stem a rise in cheaper shipments coming from overseas, hurting domestic manufacturers.
Last month, a government body decided against imposing safeguards on some aluminium products citing lack of evidence over imports hurting profitability of domestic industry.
After a record 18 per cent growth in bauxite mining, aluminium major Nalco plans to raise its production capacity to over 73 lakh tonnes this fiscal from about 68 lakh tonnes.
Base metal prices had strengthened steadily earlier in the first nine months of 2016 as a result of the deficits in the global base metal demand-supply balances, apart from some positive sentiment on China's overall demand scenario, ICRA said in a report.
The MoU will facilitate NTPC Ltd and National Aluminium Company Limited (NALCO) to set up a joint venture (JV) company to establish the power project at Gajmara, Dhenkanal, Odisha.
SP Tulsian of sptulsian.com in an interview to CNBC-TV18 shares his rationale for not being positive on Nalco and Sun Pharma.
The company will increase prices of its passenger vehicles starting from Rs 5,000 up to Rs 25,000 depending on the model due to various macro-economic factors.
However, ahead of the price hike, the company is undertaking a campaign offering benefits on road financing, EMI holidays like 'buy now and pay in March 2017' on all its models and a special EMI package of Rs 22,999 in select models of Innova Crysta.
The company plans to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes.
EBITDA, in Q2, was up 88.2 percent at Rs 1156.4 crore against Rs 614.5 crore while EBITDA margin stood at 12.1 percent versus 6.4 percent year-on-year (YoY).
Aluminium major Hindalco today sought government support to enable the domestic industry to take on what it called "foreign economic invasion" and urged it to encourage new investments.
As per Crisil, aluminium consumption in India is poised for a healthy growth over next five years, from 3.3 MT in 2015-16 to 5.3 MT in 2020-21.
The development comes as the talks between the government and primary as well as secondary producers of aluminium on imposing MIP on the metal to check imports from China and the Middle East remained inconclusive last month.
Nalco has been in the process of setting up a 5 lakh tonnes aluminium smelter in Iran, where is can get natural gas at cheap rates. Power accounts for 40 per cent of the input costs in making aluminium.
In May, the state-run firm has announced the buyback of up to 64,43,09,628 shares (representing 25 per cent of the total number of shares in the paid-up share capital of the company).
Watch the interview of Navneet Damani of Motilal Oswal Commodities with Manisha Gupta on CNBC-TV18. He spoke about the current trend in commodities market.