Hindalco Industries traded higher on October 6 morning trade after the aluminium producer announced signing a memorandum of understanding with the state-owned Odisha Mining Corporation (OMC). The move would ensure a long-term supply of bauxite ore to its proposed alumina refinery at Kansariguda in Rayagada district of the eastern state.
“The total proposed investment of Rs 8,000 crore for the two million tonne alumina refinery along with a 150 megawatt captive power plant shall be in two phases. The first phase of 1 million tonne is expected to be commissioned in FY27, at an investment of Rs 5,500 crore,” the company said in a regulatory filing.
The event for signing of the document was attended by chief minister Naveen Patnaik and Aditya Birla Group Chairman Kumarmangalam Birla among others.
At 9.45 am, Hindalco Industries was trading at Rs 471.15 on the NSE, up Rs 0.13 percent from the previous close.
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In the June quarter, the company reported an 8.66 percent year-on-year (YoY) decline in revenue from operations at Rs 52,991 crore. Net profit dropped 40.42 percent YoY to Rs 2,454 crore. The operating profit margins for the quarter contracted by 400 basis points on a yearly basis to 11 percent.
Hindalco Industries, part of the Aditya Birla Group, is engaged in the business of aluminum and copper production. Its aluminum products find applications in sectors like transportation, packaging, and construction, while its copper products cater to electrical and electronic industries.
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