HINDALCO
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Street View: Lower commodity prices, Novelis risks to weigh on Hindalco's Q1FY26
** Aluminum and copper miner Hindalco HALC.NS reported fourth-quarter profit ahead of analysts' estimates on Tuesday on higher commodity prices, which led to its upstream unit posting record core profit
** Prices of commodities "slightly on the lower side currently" due to global uncertainties, CEO Satish Pai said in a post-earnings call
** Stock oscillating between gains and losses on the day, last up 0.3%
PROFITABILITY TO LIKELY TAKE A HIT IN Q1FY26
** J.P. Morgan ("overweight", hikes TP to 720 rupees from 680 rupees) says aluminum upstream core profit to drop sequentially in Q1FY26 as pricing tailwinds temper
** Nuvama ("buy", PT at 776 rupees) says Novelis earnings will likely be affected by U.S. tariffs uncertainty
** Ambit ("sell", raises TP to 660 rupees from 650 rupees) says scarp prices - a raw material for Novelis unit - will remain a headwind for co's recycling margins
** Adds U.S.-based Novelis to bear tariff costs due to can sheet imports from South Korea, Brazil and due to higher products prices in the country
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Aluminum and copper miner Hindalco HALC.NS reported fourth-quarter profit ahead of analysts' estimates on Tuesday on higher commodity prices, which led to its upstream unit posting record core profit
** Prices of commodities "slightly on the lower side currently" due to global uncertainties, CEO Satish Pai said in a post-earnings call
** Stock oscillating between gains and losses on the day, last up 0.3%
PROFITABILITY TO LIKELY TAKE A HIT IN Q1FY26
** J.P. Morgan ("overweight", hikes TP to 720 rupees from 680 rupees) says aluminum upstream core profit to drop sequentially in Q1FY26 as pricing tailwinds temper
** Nuvama ("buy", PT at 776 rupees) says Novelis earnings will likely be affected by U.S. tariffs uncertainty
** Ambit ("sell", raises TP to 660 rupees from 650 rupees) says scarp prices - a raw material for Novelis unit - will remain a headwind for co's recycling margins
** Adds U.S.-based Novelis to bear tariff costs due to can sheet imports from South Korea, Brazil and due to higher products prices in the country
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
PREVIEW-India's Hindalco rises ahead of quarterly results
** Indian aluminum and copper miner, Hindalco Industries HALC.NS up 1.3% ahead of Q4 results due later in the day
** Analysts, on avg, expect HALC to report ~42% y/y increase in consol profit to 44.97 billion rupees, per data compiled by LSEG
** Systematix Institutional Research says industry-wide earnings to be driven by higher commodity prices and improving volumes
** Adds, HALC's consol performance to also benefit from recovery in unit Novelis' NVL.N volumes; the unit contributes to more-than-half of co's overall revenue
** Last week, Jefferies analysts said HALC unit, Novelis' Q4 EBITDA came ahead of their estimates and recovered sequentially
** During the qtr, prices of aluminium CMAL3 and copper CMCU3 prices rose 17.1% and 10.3% y/y on the London Metal Exchange
** Rivals Vedanta VDAN.NS reported higher fourth-quarter profit last month, while state-owned NALCO NALU.NS is set to report quarterly results later this week
** HALC, VDAN, NALU rated "buy" on avg - the data
** YTD, HALC up ~11% vs ~7% rise in Nifty metal index .NIFTYMET
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Indian aluminum and copper miner, Hindalco Industries HALC.NS up 1.3% ahead of Q4 results due later in the day
** Analysts, on avg, expect HALC to report ~42% y/y increase in consol profit to 44.97 billion rupees, per data compiled by LSEG
** Systematix Institutional Research says industry-wide earnings to be driven by higher commodity prices and improving volumes
** Adds, HALC's consol performance to also benefit from recovery in unit Novelis' NVL.N volumes; the unit contributes to more-than-half of co's overall revenue
** Last week, Jefferies analysts said HALC unit, Novelis' Q4 EBITDA came ahead of their estimates and recovered sequentially
** During the qtr, prices of aluminium CMAL3 and copper CMCU3 prices rose 17.1% and 10.3% y/y on the London Metal Exchange
** Rivals Vedanta VDAN.NS reported higher fourth-quarter profit last month, while state-owned NALCO NALU.NS is set to report quarterly results later this week
** HALC, VDAN, NALU rated "buy" on avg - the data
** YTD, HALC up ~11% vs ~7% rise in Nifty metal index .NIFTYMET
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
India to defend import curbs on copper in legal tussle with trade associations, sources say
By Neha Arora
NEW DELHI, May 13 (Reuters) - The Indian government is expected to argue that there is sufficient domestic supply of copper cathodes, and an adequate number of suppliers, as it prepares a response to a case on import curbs filed by two trade associations, two sources said.
India, the world's second-largest importer of refined copper, relies on imports to address shortfalls and meet robust demand in sectors such as energy, defence, automotives and infrastructure. Copper is among the 30 critical minerals identified by India in 2023.
But the government imposed quality control measures on copper cathode imports in December, requiring all suppliers, foreign and domestic, to obtain certification from Indian authorities.
The Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association have submitted a petition, seen by Reuters, to the Bombay High Court claiming that the government action could lead to a monopoly dominated by three domestic suppliers, without naming them.
"Where are the shortages?" one of the sources, familiar with government thinking, told Reuters. "The only evidence they (trade bodies) have is that in December and January imports had reduced, which is old data."
The source said that companies had imported large quantities of copper in October and November, which then led to lower imports in the following months.
"We will fight the case, their case does not hold," the source said, declining to be identified as the government has not filed a formal response yet. Another source confirmed the government would defend its position.
The trade associations and India's mines ministry did not immediately respond to requests for comment.
DEMAND SURGE
Copper demand is expected to double by 2030 as India aims to meet the needs of its industries and the energy transition. Domestic companies in the copper industry include Hindalco Industries HALC.NS, Vedanta, Adani ADEL.NS, and the state-owned Hindustan Copper HCPR.NS.
India's refined copper production is estimated at around 555,000 tons per year, and New Delhi imports around 500,000 tons of copper a year to meet the shortfall. Imports have surged since the 2018 closure of Vedanta's domestic Sterlite Copper smelter
But in December, the government said that the ramp-up of Adani Enterprises' smelter would fulfil India's domestic requirement and cut down imports. It is expected to become operational over the next four weeks.
Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique.
There are currently 10 certified foreign copper suppliers, both sources said, seven of which are Japanese, and five more domestic certified suppliers.
(Reporting by Neha Arora; Editing by Rachna Uppal)
(([email protected];))
By Neha Arora
NEW DELHI, May 13 (Reuters) - The Indian government is expected to argue that there is sufficient domestic supply of copper cathodes, and an adequate number of suppliers, as it prepares a response to a case on import curbs filed by two trade associations, two sources said.
India, the world's second-largest importer of refined copper, relies on imports to address shortfalls and meet robust demand in sectors such as energy, defence, automotives and infrastructure. Copper is among the 30 critical minerals identified by India in 2023.
But the government imposed quality control measures on copper cathode imports in December, requiring all suppliers, foreign and domestic, to obtain certification from Indian authorities.
The Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association have submitted a petition, seen by Reuters, to the Bombay High Court claiming that the government action could lead to a monopoly dominated by three domestic suppliers, without naming them.
"Where are the shortages?" one of the sources, familiar with government thinking, told Reuters. "The only evidence they (trade bodies) have is that in December and January imports had reduced, which is old data."
The source said that companies had imported large quantities of copper in October and November, which then led to lower imports in the following months.
"We will fight the case, their case does not hold," the source said, declining to be identified as the government has not filed a formal response yet. Another source confirmed the government would defend its position.
The trade associations and India's mines ministry did not immediately respond to requests for comment.
DEMAND SURGE
Copper demand is expected to double by 2030 as India aims to meet the needs of its industries and the energy transition. Domestic companies in the copper industry include Hindalco Industries HALC.NS, Vedanta, Adani ADEL.NS, and the state-owned Hindustan Copper HCPR.NS.
India's refined copper production is estimated at around 555,000 tons per year, and New Delhi imports around 500,000 tons of copper a year to meet the shortfall. Imports have surged since the 2018 closure of Vedanta's domestic Sterlite Copper smelter
But in December, the government said that the ramp-up of Adani Enterprises' smelter would fulfil India's domestic requirement and cut down imports. It is expected to become operational over the next four weeks.
Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique.
There are currently 10 certified foreign copper suppliers, both sources said, seven of which are Japanese, and five more domestic certified suppliers.
(Reporting by Neha Arora; Editing by Rachna Uppal)
(([email protected];))
Hindalco Delivers 10,000 Aluminium Battery Enclosures To Mahindra From Facility In Chakan
April 25 (Reuters) - Hindalco Industries Ltd HALC.NS:
DELIVERS 10,000 ALUMINIUM BATTERY ENCLOSURES TO MAHINDRA FROM FACILITY IN CHAKAN
Source text: [ID:]
Further company coverage: HALC.NS
(([email protected];;))
April 25 (Reuters) - Hindalco Industries Ltd HALC.NS:
DELIVERS 10,000 ALUMINIUM BATTERY ENCLOSURES TO MAHINDRA FROM FACILITY IN CHAKAN
Source text: [ID:]
Further company coverage: HALC.NS
(([email protected];;))
Indian delegation to visit Chile seeking stake in SQM's lithium projects, source says
By Neha Arora
NEW DELHI, April 4 (Reuters) - Indian officials will visit Chile next week to discuss plans for four state companies to take a stake in two lithium projects of the world's No. 2 producer of the metal, SQM SQMA.SN, a source said.
The world's fastest-growing major economy has ramped up efforts to secure a steady supply of lithium as demand rises for the metal used in electric vehicle batteries, key to emissions reduction efforts in the world's third-largest emitter.
Government-backed Khanij Bidesh India Ltd (KABIL), Coal India COAL.NS, Oil India OILI.NS, and ONGC Videsh ONVI.NS are in talks with SQM for stakes of 20% in its Mount Holland and Andover projects in Australia, Reuters reported last week.
The Indian delegation will hold discussions with top SQM executives when it travels to Chile next week for a global copper conference, the source said, speaking on condition of anonymity as the talks were not public.
Executives from state-run Hindustan Copper HCPR.NS and leading private copper firms Hindalco Industries HALC.NS and JSW are also expected to visit Chile, the source said.
Hindustan Copper told Reuters it will send a few executives to Chile to attend the copper conference and hold other meetings.
The mines ministry, Hindalco, and JSW did not respond to emails from Reuters to seek comments.
India and Chile held talks this week to renew a preliminary pact on geology and mineral resources.
This week Chile's state-owned Codelco, the world's largest copper producer, said it would supply copper concentrates to the $1.2-billion smelter of India's Adani Group, which is the world's largest single-location plant of its kind.
Codelco has also signed a separate preliminary pact with Hindustan Copper to collaborate on exploring and processing minerals.
India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced around 400,000 metric tons of the metal.
It has recently stepped efforts to strike overseas deals for access to critical minerals in resource-rich countries such as Argentina, Australia, and Chile.
New Delhi is also exploring an initial agreement with cobalt-rich Congo.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj; Editing by Clarence Fernandez)
(([email protected];))
By Neha Arora
NEW DELHI, April 4 (Reuters) - Indian officials will visit Chile next week to discuss plans for four state companies to take a stake in two lithium projects of the world's No. 2 producer of the metal, SQM SQMA.SN, a source said.
The world's fastest-growing major economy has ramped up efforts to secure a steady supply of lithium as demand rises for the metal used in electric vehicle batteries, key to emissions reduction efforts in the world's third-largest emitter.
Government-backed Khanij Bidesh India Ltd (KABIL), Coal India COAL.NS, Oil India OILI.NS, and ONGC Videsh ONVI.NS are in talks with SQM for stakes of 20% in its Mount Holland and Andover projects in Australia, Reuters reported last week.
The Indian delegation will hold discussions with top SQM executives when it travels to Chile next week for a global copper conference, the source said, speaking on condition of anonymity as the talks were not public.
Executives from state-run Hindustan Copper HCPR.NS and leading private copper firms Hindalco Industries HALC.NS and JSW are also expected to visit Chile, the source said.
Hindustan Copper told Reuters it will send a few executives to Chile to attend the copper conference and hold other meetings.
The mines ministry, Hindalco, and JSW did not respond to emails from Reuters to seek comments.
India and Chile held talks this week to renew a preliminary pact on geology and mineral resources.
This week Chile's state-owned Codelco, the world's largest copper producer, said it would supply copper concentrates to the $1.2-billion smelter of India's Adani Group, which is the world's largest single-location plant of its kind.
Codelco has also signed a separate preliminary pact with Hindustan Copper to collaborate on exploring and processing minerals.
India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced around 400,000 metric tons of the metal.
It has recently stepped efforts to strike overseas deals for access to critical minerals in resource-rich countries such as Argentina, Australia, and Chile.
New Delhi is also exploring an initial agreement with cobalt-rich Congo.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj; Editing by Clarence Fernandez)
(([email protected];))
Chile's Codelco to supply copper concentrate to India's Adani Group-owned smelter
April 2 (Reuters) - Chile's state-owned Codelco, the world's largest copper producer, said on Wednesday it would supply copper concentrates to India's Adani Group's $1.2 billion smelter, the world's biggest single-location plant of its type.
The supply will begin this year, said Codelco, whose chairman, Maximo Pacheco, met Adani Group chairman Gautam Adani at the conglomerate's headquarters in Ahmedabad in the western state of Gujarat.
Kutch Copper, as the smelter is formally known, is also located in Gujarat and its executives had told Reuters it would source concentrates from Chile and other countries.
The smelter began operations a year ago and last month entered into a joint venture to make wires and cables.
India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.
Currently, only Hindalco Industries HALC.NS, part of India's Aditya Birla group, and state-run miner Hindustan Copper HCPR.NS produce copper in the country.
Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 9591011727;))
April 2 (Reuters) - Chile's state-owned Codelco, the world's largest copper producer, said on Wednesday it would supply copper concentrates to India's Adani Group's $1.2 billion smelter, the world's biggest single-location plant of its type.
The supply will begin this year, said Codelco, whose chairman, Maximo Pacheco, met Adani Group chairman Gautam Adani at the conglomerate's headquarters in Ahmedabad in the western state of Gujarat.
Kutch Copper, as the smelter is formally known, is also located in Gujarat and its executives had told Reuters it would source concentrates from Chile and other countries.
The smelter began operations a year ago and last month entered into a joint venture to make wires and cables.
India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.
Currently, only Hindalco Industries HALC.NS, part of India's Aditya Birla group, and state-run miner Hindustan Copper HCPR.NS produce copper in the country.
Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 9591011727;))
India's JSW to set up 0.5 mln T capacity copper smelter, source says
By Neha Arora
NEW DELHI, March 20 (Reuters) - India's steel-to-power conglomerate JSW Group plans to set up a 500,000 metric ton capacity copper smelter in the eastern state of Odisha by 2028/29 with feedstock of copper concentrate from Peru and Chile, a source directly aware of the matter told Reuters on Thursday.
In January, JSW said it was foraying into the copper business with a 26-billion-rupee ($301.22 million) investment to operate two copper mines from Hindustan Copper HCPR.NS for a period of 20 years, with the option to extend it for another decade.
The group now plans to set up its own smelter facility in Odisha with an investment of around 120 billion rupees and scale up the capacity to 1 million metric tons by 2033/34, the source said, declining to be identified as details about the proposed smelter are not public.
A JSW spokesperson redirected queries from Reuters to the January statement about the copper foray.
With this expansion, JSW will compete with Indian billionaire Gautam Adani's group that has set up a $1.2 billion copper smelter, the world's biggest single-location plant of its type in the western state of Gujarat.
JSW plans to feed its planned electric vehicle and battery manufacturing facilities with the copper produced at the smelter, the source added. Some of the concentrate supply will come from Hindustan Copper, the source said.
The chief executive of JSW's copper business, Pankaj Kumar, will be travelling to Chile early next month to meet with suppliers for potential copper concentrate deals, the source said.
India, which is dependent on copper imports to meet shortfalls, had listed copper among the identified 30 critical minerals in 2023 as part of the country's efforts towards a green energy transition.
India's copper imports have surged since the 2018 closure of Vedanta's Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.
Currently only Hindalco Industries HALC.NS, part of India's Aditya Birla group, and state-run miner Hindustan Copper Ltd produce copper in the country.
India's refined copper production is estimated at around 555,000 metric tons per year against domestic consumption of more than 750,000 metric tons. India imports around 500,000 metric tons of copper a year to meet the shortfall.
New Delhi's drive towards clean energy and electric vehicles, and other similar shifts, are expected to double the country's copper demand by 2030, according to industry estimates.
($1 = 86.3150 Indian rupees)
(Reporting by Neha Arora; editing by David Evans)
(([email protected];))
By Neha Arora
NEW DELHI, March 20 (Reuters) - India's steel-to-power conglomerate JSW Group plans to set up a 500,000 metric ton capacity copper smelter in the eastern state of Odisha by 2028/29 with feedstock of copper concentrate from Peru and Chile, a source directly aware of the matter told Reuters on Thursday.
In January, JSW said it was foraying into the copper business with a 26-billion-rupee ($301.22 million) investment to operate two copper mines from Hindustan Copper HCPR.NS for a period of 20 years, with the option to extend it for another decade.
The group now plans to set up its own smelter facility in Odisha with an investment of around 120 billion rupees and scale up the capacity to 1 million metric tons by 2033/34, the source said, declining to be identified as details about the proposed smelter are not public.
A JSW spokesperson redirected queries from Reuters to the January statement about the copper foray.
With this expansion, JSW will compete with Indian billionaire Gautam Adani's group that has set up a $1.2 billion copper smelter, the world's biggest single-location plant of its type in the western state of Gujarat.
JSW plans to feed its planned electric vehicle and battery manufacturing facilities with the copper produced at the smelter, the source added. Some of the concentrate supply will come from Hindustan Copper, the source said.
The chief executive of JSW's copper business, Pankaj Kumar, will be travelling to Chile early next month to meet with suppliers for potential copper concentrate deals, the source said.
India, which is dependent on copper imports to meet shortfalls, had listed copper among the identified 30 critical minerals in 2023 as part of the country's efforts towards a green energy transition.
India's copper imports have surged since the 2018 closure of Vedanta's Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.
Currently only Hindalco Industries HALC.NS, part of India's Aditya Birla group, and state-run miner Hindustan Copper Ltd produce copper in the country.
India's refined copper production is estimated at around 555,000 metric tons per year against domestic consumption of more than 750,000 metric tons. India imports around 500,000 metric tons of copper a year to meet the shortfall.
New Delhi's drive towards clean energy and electric vehicles, and other similar shifts, are expected to double the country's copper demand by 2030, according to industry estimates.
($1 = 86.3150 Indian rupees)
(Reporting by Neha Arora; editing by David Evans)
(([email protected];))
India's Hindalco gains on anti-dumping duty on aluminium foil imports from China
** Shares of Hindalco Industries HALC.NS rise about 3% to 700 rupees
** HALC is among the top gainers in the metal index .NIFTYMET, which is up 2%
** Metal index leading sectoral gains on top metals consumer China's stimulus plan and a weaker U.S. dollar
** Indian government imposes anti-dumping duty on aluminium foil imports from China up to 80 micron of width
** Directorate General of Trade Remedies (DGTR) last month recommended anti-dumping duty on select aluminium foil imports to prevent injury to domestic industry
** HALC is India's largest aluminium producer
** HALC shares up 16% in 2025 so far, outperforming the 4% rise in metal index and 4% drop in Nifty 50 .NSEI, according to exchange data
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of Hindalco Industries HALC.NS rise about 3% to 700 rupees
** HALC is among the top gainers in the metal index .NIFTYMET, which is up 2%
** Metal index leading sectoral gains on top metals consumer China's stimulus plan and a weaker U.S. dollar
** Indian government imposes anti-dumping duty on aluminium foil imports from China up to 80 micron of width
** Directorate General of Trade Remedies (DGTR) last month recommended anti-dumping duty on select aluminium foil imports to prevent injury to domestic industry
** HALC is India's largest aluminium producer
** HALC shares up 16% in 2025 so far, outperforming the 4% rise in metal index and 4% drop in Nifty 50 .NSEI, according to exchange data
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Larsen And Toubro Says L&T Minerals & Metals Business Secures Large Orders In Steel, Alumina Sectors
Feb 20 (Reuters) - Larsen and Toubro Ltd LART.NS:
LARSEN AND TOUBRO: L&T MINERALS & METALS BUSINESS SECURES LARGE ORDERS IN STEEL AND ALUMINA SECTORS
LARSEN & TOUBRO GOT ORDER WORTH BETWEEN 25 - 50 BILLION RUPEES
LARSEN AND TOUBRO LTD - ORDER FROM HINDALCO TO SET UP 850 KTPA ALUMINA REFINERY
Source text: ID:nBSE9skjdx
Further company coverage: LART.NS
(([email protected];))
Feb 20 (Reuters) - Larsen and Toubro Ltd LART.NS:
LARSEN AND TOUBRO: L&T MINERALS & METALS BUSINESS SECURES LARGE ORDERS IN STEEL AND ALUMINA SECTORS
LARSEN & TOUBRO GOT ORDER WORTH BETWEEN 25 - 50 BILLION RUPEES
LARSEN AND TOUBRO LTD - ORDER FROM HINDALCO TO SET UP 850 KTPA ALUMINA REFINERY
Source text: ID:nBSE9skjdx
Further company coverage: LART.NS
(([email protected];))
India's Hindalco gains on beating quarterly profit view
** Shares of Hindalco HALC.NS climb as much as 2.2% to 616.10 rupees; last up 0.5%
** Stock set for third straight session of gains
** Aditya Birla Group-owned firm's consol net profit, rev beat analysts' estimates
** Analysts' average rating on HALC at "buy"; median PT is 743 rupees - LSEG data
** Stock up 0.6% so far this year vs 3.4% decline in Nifty metals index .NIFTYMET
(Reporting by Kashish Tandon in Bengaluru)
** Shares of Hindalco HALC.NS climb as much as 2.2% to 616.10 rupees; last up 0.5%
** Stock set for third straight session of gains
** Aditya Birla Group-owned firm's consol net profit, rev beat analysts' estimates
** Analysts' average rating on HALC at "buy"; median PT is 743 rupees - LSEG data
** Stock up 0.6% so far this year vs 3.4% decline in Nifty metals index .NIFTYMET
(Reporting by Kashish Tandon in Bengaluru)
India's Hindalco Industries beats quarterly profit view on improved aluminium prices
Feb 13 (Reuters) - Hindalco Industries HALC.NS, one of India's largest aluminium and copper producers, reported a better-than-expected third-quarter profit on Thursday, helped by higher aluminium prices.
The Aditya Birla Group-owned company's consolidated net profit surged 60.2% to 37.35 billion rupees ($429.5 million) in the quarter ended December 31.
Analysts, on average, had expected 35.73 billion rupees profit, per data compiled by LSEG.
($1 = 86.9580 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 8697274436;))
Feb 13 (Reuters) - Hindalco Industries HALC.NS, one of India's largest aluminium and copper producers, reported a better-than-expected third-quarter profit on Thursday, helped by higher aluminium prices.
The Aditya Birla Group-owned company's consolidated net profit surged 60.2% to 37.35 billion rupees ($429.5 million) in the quarter ended December 31.
Analysts, on average, had expected 35.73 billion rupees profit, per data compiled by LSEG.
($1 = 86.9580 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 8697274436;))
India's NALCO beats quarterly profit estimate on improved commodity prices
Feb 10 (Reuters) - India's National Aluminium Company (NALCO) NALU.NS reported third-quarter profit above analysts' estimates on Monday, buoyed by strong commodity prices.
The state-owned company's consolidated profit jumped over three-fold to 15.66 billion rupees ($179 million) in the October-December quarter, beating the estimate of 13.92 billion rupees, per data compiled by LSEG.
Global aluminium prices averaged at around $2,600 in the quarter, up 17% on-year, data from at least four brokerages showed. This was in line with benchmark CMAL3 prices on the London Metal Exchange.
Higher commodity prices tend to raise the selling price of metals, leading to improved profit margins.
The price hike also helped rival Vedanta VDAN.NS beat core profit estimates for the third quarter.
NALCO did not disclose its quarterly EBITDA (earnings before interest, taxes, depreciation and amortization); however, according to Rajesh Majumdar, an analyst at B&K Securities India, the company reported an EBITDA of 23.3 billion rupees on "significantly higher alumina realisations" in the quarter.
Analysts, on average, had expected an EBITDA of 19.96 billion rupees.
Bigger rival Hindalco HALC.NS is set to report third-quarter results later this week.
($1 = 87.4750 Indian rupees)
(Reporting by Manvi Pant and Anuran Sadhu in Bengaluru; Editing by Vijay Kishore)
(([email protected]; +918447554364;))
Feb 10 (Reuters) - India's National Aluminium Company (NALCO) NALU.NS reported third-quarter profit above analysts' estimates on Monday, buoyed by strong commodity prices.
The state-owned company's consolidated profit jumped over three-fold to 15.66 billion rupees ($179 million) in the October-December quarter, beating the estimate of 13.92 billion rupees, per data compiled by LSEG.
Global aluminium prices averaged at around $2,600 in the quarter, up 17% on-year, data from at least four brokerages showed. This was in line with benchmark CMAL3 prices on the London Metal Exchange.
Higher commodity prices tend to raise the selling price of metals, leading to improved profit margins.
The price hike also helped rival Vedanta VDAN.NS beat core profit estimates for the third quarter.
NALCO did not disclose its quarterly EBITDA (earnings before interest, taxes, depreciation and amortization); however, according to Rajesh Majumdar, an analyst at B&K Securities India, the company reported an EBITDA of 23.3 billion rupees on "significantly higher alumina realisations" in the quarter.
Analysts, on average, had expected an EBITDA of 19.96 billion rupees.
Bigger rival Hindalco HALC.NS is set to report third-quarter results later this week.
($1 = 87.4750 Indian rupees)
(Reporting by Manvi Pant and Anuran Sadhu in Bengaluru; Editing by Vijay Kishore)
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JSW Group to invest $301 mln in India copper mines in non-ferrous foray as steel prices dull
Adds executive comments, background in paragraphs 3 to 5
Jan 27 (Reuters) - India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall.
The billionaire Sajjan Jindal-led group has won two blocks of copper mines in the eastern mineral-rich state of Jharkhand from Hindustan Copper HCPR.NS for a period of 20 years, with the option to extend it for another decade.
"Venturing into non-ferrous metals, particularly copper, is a strategic move," said Parth Jindal, the managing director of JSW Paints and the IPO-bound JSW Cement.
Steel production in India has been hit by low prices, weak demand from top consumer China and cheap Chinese steel flooding domestic markets -- the effect of which has led to the group's flagship firm JSW Steel JSTL.NS missing profit estimates for the past four quarters in a row.
With the expansion, JSW Steel will directly compete with Vedanta VDAN.NS, Hindalco HALC.NS, Hindustan Copper and Adani Copper - all of which currently dig up the brown metal used to make cables and wires.
Once ramped up, the mines will have a copper ore capacity of 3 million tonnes per annum (MTPA) and are expected to be part-operational in the second half of the fiscal year 2027, the group said in a statement.
($1 = 86.3290 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Savio D'Souza)
(([email protected]; X: @MukherjeeHritam;))
Adds executive comments, background in paragraphs 3 to 5
Jan 27 (Reuters) - India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall.
The billionaire Sajjan Jindal-led group has won two blocks of copper mines in the eastern mineral-rich state of Jharkhand from Hindustan Copper HCPR.NS for a period of 20 years, with the option to extend it for another decade.
"Venturing into non-ferrous metals, particularly copper, is a strategic move," said Parth Jindal, the managing director of JSW Paints and the IPO-bound JSW Cement.
Steel production in India has been hit by low prices, weak demand from top consumer China and cheap Chinese steel flooding domestic markets -- the effect of which has led to the group's flagship firm JSW Steel JSTL.NS missing profit estimates for the past four quarters in a row.
With the expansion, JSW Steel will directly compete with Vedanta VDAN.NS, Hindalco HALC.NS, Hindustan Copper and Adani Copper - all of which currently dig up the brown metal used to make cables and wires.
Once ramped up, the mines will have a copper ore capacity of 3 million tonnes per annum (MTPA) and are expected to be part-operational in the second half of the fiscal year 2027, the group said in a statement.
($1 = 86.3290 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Savio D'Souza)
(([email protected]; X: @MukherjeeHritam;))
Hindalco Says Novelis Announces Upsizing And Pricing Of Offering Of Senior Notes Due Jan 2030
Jan 9 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO - ANNOUNCES UPSIZING AND PRICING OF OFFERING OF SENIOR NOTES DUE JANUARY 2030
HINDALCO INDUSTRIES LTD - NOVELIS PRICES $750 MILLION SENIOR NOTES DUE JANUARY 2030
HINDALCO INDUSTRIES LTD - NOTES PRICED AT PAR VALUE WITH 6.875% INTEREST RATE
Source text: ID:nBSE4CQrmD
Further company coverage: HALC.NS
(([email protected];))
Jan 9 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO - ANNOUNCES UPSIZING AND PRICING OF OFFERING OF SENIOR NOTES DUE JANUARY 2030
HINDALCO INDUSTRIES LTD - NOVELIS PRICES $750 MILLION SENIOR NOTES DUE JANUARY 2030
HINDALCO INDUSTRIES LTD - NOTES PRICED AT PAR VALUE WITH 6.875% INTEREST RATE
Source text: ID:nBSE4CQrmD
Further company coverage: HALC.NS
(([email protected];))
India's Hindalco Industries set for worst year since 2019
** Shares of Hindalco Industries HALC.NS down 2% so far this year, on track for worst year since 2019
** Shares of the aluminium and copper producer fell most on Feb. 13, dropping 12.4%, after it missed Q3 profit estimates and analysts flagged capex concerns for its U.S. unit, Novelis
** Stock set to fall for third straight month
** HALC trading below its 50-day, 100-day, 200-day SMAs, indicating bearish sentiment
** Avg rating of 26 analysts covering the stock is "buy"; median PT 760 rupees, ~27% higher than current price - LSEG data
** India's benchmark Nifty 50 index .NSEI up over 8% YTD
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
** Shares of Hindalco Industries HALC.NS down 2% so far this year, on track for worst year since 2019
** Shares of the aluminium and copper producer fell most on Feb. 13, dropping 12.4%, after it missed Q3 profit estimates and analysts flagged capex concerns for its U.S. unit, Novelis
** Stock set to fall for third straight month
** HALC trading below its 50-day, 100-day, 200-day SMAs, indicating bearish sentiment
** Avg rating of 26 analysts covering the stock is "buy"; median PT 760 rupees, ~27% higher than current price - LSEG data
** India's benchmark Nifty 50 index .NSEI up over 8% YTD
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
Hindalco Industries Fined Under GST Regulations
Dec 27 (Reuters) - Hindalco Industries Ltd HALC.NS:
FINED UNDER GST REGULATIONS
TOTAL FINES AND PENALTY LEVIED OF 301.1 MILLION RUPEES
Source text: ID:nBSE3hkTmV
Further company coverage: HALC.NS
(([email protected];;))
Dec 27 (Reuters) - Hindalco Industries Ltd HALC.NS:
FINED UNDER GST REGULATIONS
TOTAL FINES AND PENALTY LEVIED OF 301.1 MILLION RUPEES
Source text: ID:nBSE3hkTmV
Further company coverage: HALC.NS
(([email protected];;))
Hindalco Industries Fined Under GST Regulations
Dec 26 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES LTD - FINED UNDER GST REGULATIONS
HINDALCO INDUSTRIES LTD - TOTAL TAXES AND PENALTY LEVIED AT 526.7 MILLION RUPEES
HINDALCO INDUSTRIES LTD - TO FILE APPEAL AGAINST GST DEMAND
Source text: ID:nBSE2gKSKf
Further company coverage: HALC.NS
(([email protected];))
Dec 26 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES LTD - FINED UNDER GST REGULATIONS
HINDALCO INDUSTRIES LTD - TOTAL TAXES AND PENALTY LEVIED AT 526.7 MILLION RUPEES
HINDALCO INDUSTRIES LTD - TO FILE APPEAL AGAINST GST DEMAND
Source text: ID:nBSE2gKSKf
Further company coverage: HALC.NS
(([email protected];))
Hindalco Industries Fined Under GST Regulations For 179.9 Mln Rupees
Dec 2 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES LTD - FINED UNDER GST REGULATIONS
HINDALCO INDUSTRIES LTD - TOTAL FINES AND PENALTY LEVIED: 179.9 MILLION RUPEES
HINDALCO INDUSTRIES LTD - MANAGEMENT EXPECTS NO MATERIAL IMPACT ON FINANCIALS OR OPERATIONS
Source text: ID:nBSEc6b8zs
Further company coverage: HALC.NS
(([email protected];))
Dec 2 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES LTD - FINED UNDER GST REGULATIONS
HINDALCO INDUSTRIES LTD - TOTAL FINES AND PENALTY LEVIED: 179.9 MILLION RUPEES
HINDALCO INDUSTRIES LTD - MANAGEMENT EXPECTS NO MATERIAL IMPACT ON FINANCIALS OR OPERATIONS
Source text: ID:nBSEc6b8zs
Further company coverage: HALC.NS
(([email protected];))
INDIA STOCKS-Indian shares open higher, helped by Hindalco
Corrects paragraph 1 to say only the Nifty 50 had fallen for three straight sessions, not the Nifty and Sensex
By Hritam Mukherjee
Nov 12 (Reuters) - Indian shares opened higher on Tuesday, after the Nifty 50 had fallen for three straight sessions, led by gains in metal producer Hindalco HALC.NS after it beat quarterly profit estimates, with investors also awaiting inflation data due later in the day.
The NSE Nifty 50 .NSEI was 0.3% higher at 24,207 points as of 9:16 a.m. IST, while the BSE Sensex .BSESN had gained 0.3% to 79,700.
Twelve of the 13 major sectors advanced. The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose 0.2% and 0.4%, respectively.
"Traders are buying the dip caused by the last three sessions. Valuations have comparatively cooled down and the negative triggers that were being brought by September-quarter earnings are also largely behind," said Aishvarya Dadheech, founder and chief executive of Fident Asset Management.
The Nifty has shed about 8% from its record high on Sept. 27, hurt by lacklustre corporate earnings and as foreign investors pulled out nearly $14 billion from domestic stocks.
On the day, aluminium producer Hindalco jumped 2%, among the most on the Nifty, after it beat second-quarter profit estimates due to higher prices.
On the flip side, Britannia BRIT.NS fell 2.5% after the biscuit maker missed second-quarter profit estimates on slowing urban demand.
India's inflation data for October, due after markets close, is expected to show an increase to a 14-month high of 5.81%, as per a Reuters poll.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich and Savio D'Souza)
(([email protected]; X: @MukherjeeHritam;))
Corrects paragraph 1 to say only the Nifty 50 had fallen for three straight sessions, not the Nifty and Sensex
By Hritam Mukherjee
Nov 12 (Reuters) - Indian shares opened higher on Tuesday, after the Nifty 50 had fallen for three straight sessions, led by gains in metal producer Hindalco HALC.NS after it beat quarterly profit estimates, with investors also awaiting inflation data due later in the day.
The NSE Nifty 50 .NSEI was 0.3% higher at 24,207 points as of 9:16 a.m. IST, while the BSE Sensex .BSESN had gained 0.3% to 79,700.
Twelve of the 13 major sectors advanced. The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose 0.2% and 0.4%, respectively.
"Traders are buying the dip caused by the last three sessions. Valuations have comparatively cooled down and the negative triggers that were being brought by September-quarter earnings are also largely behind," said Aishvarya Dadheech, founder and chief executive of Fident Asset Management.
The Nifty has shed about 8% from its record high on Sept. 27, hurt by lacklustre corporate earnings and as foreign investors pulled out nearly $14 billion from domestic stocks.
On the day, aluminium producer Hindalco jumped 2%, among the most on the Nifty, after it beat second-quarter profit estimates due to higher prices.
On the flip side, Britannia BRIT.NS fell 2.5% after the biscuit maker missed second-quarter profit estimates on slowing urban demand.
India's inflation data for October, due after markets close, is expected to show an increase to a 14-month high of 5.81%, as per a Reuters poll.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich and Savio D'Souza)
(([email protected]; X: @MukherjeeHritam;))
India's Hindalco beats Q2 profit view on higher aluminium prices
Adds management comments in paragraphs 10-11
By Neha Arora and Anuran Sadhu
Nov 11 (Reuters) - India's Hindalco Industries HALC.NS, one of the country's largest aluminium and copper producers, posted a better-than-expected second-quarter profit on Monday, helped by higher aluminium prices.
The company, owned by the Aditya Birla Group, said its consolidated net profit jumped 78% to 39.09 billion rupees ($463.3 million) for the three months ended Sept. 30, beating estimates.
Analysts, on average, had expected a profit of 34.46 billion rupees, according to data compiled by LSEG.
The demand for metals in the transportation, construction, and packaging industries remained strong this year, with prices of base metals like aluminium and copper rising for the second straight quarter in the July-September period.
The benchmark aluminium CMAL3 and copper CMCU3 prices on the London Metal Exchange rose 20% and 24%, respectively, from the second quarter of last year.
Hindalco's revenue from operations rose 7.4% to 582.03 billion rupees, while total expenses increased 3.3% to 531.21 billion rupees.
The company recorded a one-time cost of 5.14 billion rupees during the quarter due to expenses tied to production disruption at the Switzerland-based plant of its unit Novelis NVL.N.
The U.S. IPO-bound aluminium recycler Novelis, which accounts for more than 60% of Hindalco's overall revenue, incurred a net cash impact of $80 million due to the shutdown of its Switzerland plant from flooding in late June.
Revenue from Novelis rose 5.9%, while the copper segment, the second-largest contributor to Hindalco's revenue, grew nearly 5.4% during the quarter.
Hindalco sees Chinese imports as an increasing concern, especially if U.S. were to raise tariffs further, said Managing Director Satish Pai.
"My worry still remains imports from China because the U.S. market is going to get closed for them with the new administration. The only big market left for them, if they have surplus, is going to be India," Pai said.
Shares of the company closed 0.75% higher ahead of the results. The stock gained 9% in the quarter ended September, against the benchmark Nifty 50's .NSEI 7.5% rise.
($1 = 84.3700 Indian rupees)
(Reporting by Anuran Sadhu and Neha Arora; Editing by Sumana Nandy, Abinaya Vijayaraghavan and Krishna Chandra Eluri)
(([email protected]; +91 8697274436;))
Adds management comments in paragraphs 10-11
By Neha Arora and Anuran Sadhu
Nov 11 (Reuters) - India's Hindalco Industries HALC.NS, one of the country's largest aluminium and copper producers, posted a better-than-expected second-quarter profit on Monday, helped by higher aluminium prices.
The company, owned by the Aditya Birla Group, said its consolidated net profit jumped 78% to 39.09 billion rupees ($463.3 million) for the three months ended Sept. 30, beating estimates.
Analysts, on average, had expected a profit of 34.46 billion rupees, according to data compiled by LSEG.
The demand for metals in the transportation, construction, and packaging industries remained strong this year, with prices of base metals like aluminium and copper rising for the second straight quarter in the July-September period.
The benchmark aluminium CMAL3 and copper CMCU3 prices on the London Metal Exchange rose 20% and 24%, respectively, from the second quarter of last year.
Hindalco's revenue from operations rose 7.4% to 582.03 billion rupees, while total expenses increased 3.3% to 531.21 billion rupees.
The company recorded a one-time cost of 5.14 billion rupees during the quarter due to expenses tied to production disruption at the Switzerland-based plant of its unit Novelis NVL.N.
The U.S. IPO-bound aluminium recycler Novelis, which accounts for more than 60% of Hindalco's overall revenue, incurred a net cash impact of $80 million due to the shutdown of its Switzerland plant from flooding in late June.
Revenue from Novelis rose 5.9%, while the copper segment, the second-largest contributor to Hindalco's revenue, grew nearly 5.4% during the quarter.
Hindalco sees Chinese imports as an increasing concern, especially if U.S. were to raise tariffs further, said Managing Director Satish Pai.
"My worry still remains imports from China because the U.S. market is going to get closed for them with the new administration. The only big market left for them, if they have surplus, is going to be India," Pai said.
Shares of the company closed 0.75% higher ahead of the results. The stock gained 9% in the quarter ended September, against the benchmark Nifty 50's .NSEI 7.5% rise.
($1 = 84.3700 Indian rupees)
(Reporting by Anuran Sadhu and Neha Arora; Editing by Sumana Nandy, Abinaya Vijayaraghavan and Krishna Chandra Eluri)
(([email protected]; +91 8697274436;))
Hindalco, Trent drag Indian benchmarks; Fed rate decision in focus
** Indian benchmarks NSE Nifty 50 .NSEI and BSE Sensex .BSESN shed ~1% each
** Aluminium maker Hindalco HALC.NS drops 8% after Q2 profit fall at U.S. unit Novelis NVL.N
** Apparel retailer Trent TREN.NS falls 6.5% after reporting slowest revenue growth in 3 years
** HALC, TREN top two pct decliners out of the 45 NSEI members trading lower on the day
** Meanwhile Apollo Hospitals APLH.NS jump ~7% after Q2 profit beat, top pct gainer on NSEI
** Eleven out of the thirteen major subsectors retreat on the day
** Focus on U.S. Federal Reserve's rate decision, commentary due after Indian market close
** Fed expected to cut rates by 25 basis points
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Indian benchmarks NSE Nifty 50 .NSEI and BSE Sensex .BSESN shed ~1% each
** Aluminium maker Hindalco HALC.NS drops 8% after Q2 profit fall at U.S. unit Novelis NVL.N
** Apparel retailer Trent TREN.NS falls 6.5% after reporting slowest revenue growth in 3 years
** HALC, TREN top two pct decliners out of the 45 NSEI members trading lower on the day
** Meanwhile Apollo Hospitals APLH.NS jump ~7% after Q2 profit beat, top pct gainer on NSEI
** Eleven out of the thirteen major subsectors retreat on the day
** Focus on U.S. Federal Reserve's rate decision, commentary due after Indian market close
** Fed expected to cut rates by 25 basis points
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
HUL, Hindalco weigh on Indian shares
** India's NSE Nifty 50 .NSEI inches down 0.12%, BSE Sensex .BSESN down 0.02%
** Consumer major Hindustan Unilever (HUL) HLL.NS slumps 7%, top pct loser on Nifty after profit miss and as analysts flag more demand concerns
** HUL drags consumer stocks .NIFTYFMCG 2.7% lower
** Aluminium maker Hindalco HALC.NS falls 5% after Paris-based Constellium 30K.F warned of weak demand, which could spillover to its peer Novelis NVL.N, HALC's U.S. unit
** Novelis accounts for 60% of HALC's revenue
** SBI Life Insurance SBIL.NS drops 4.5%, eyeing worst day this yr, after lower Q2 premium growth
** Small-caps .NIFSMCP100 muted; mid-caps .NIFMDCP100 fall 0.2%
** Investor sentiment gloomy on tepid earnings, sustained foreign selling, analysts say
** Foreign investors were net sellers for eighteenth straight session on Wednesday
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** India's NSE Nifty 50 .NSEI inches down 0.12%, BSE Sensex .BSESN down 0.02%
** Consumer major Hindustan Unilever (HUL) HLL.NS slumps 7%, top pct loser on Nifty after profit miss and as analysts flag more demand concerns
** HUL drags consumer stocks .NIFTYFMCG 2.7% lower
** Aluminium maker Hindalco HALC.NS falls 5% after Paris-based Constellium 30K.F warned of weak demand, which could spillover to its peer Novelis NVL.N, HALC's U.S. unit
** Novelis accounts for 60% of HALC's revenue
** SBI Life Insurance SBIL.NS drops 4.5%, eyeing worst day this yr, after lower Q2 premium growth
** Small-caps .NIFSMCP100 muted; mid-caps .NIFMDCP100 fall 0.2%
** Investor sentiment gloomy on tepid earnings, sustained foreign selling, analysts say
** Foreign investors were net sellers for eighteenth straight session on Wednesday
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
India's Hindalco denies report on co planning to enter solar module manufacturing
GUJARAT, Sept 18 (Reuters) - India's Hindalco Industries HALC.NS on Wednesday denied a Reuters report that the company is planning to produce solar modules.
"There are no developments of this nature. Any discussions on this topic are purely speculative," the metals firm said, calling the report "false and baseless."
(Reporting by Sethuraman N R in Gandhinagar)
(([email protected]; +918447554364;))
GUJARAT, Sept 18 (Reuters) - India's Hindalco Industries HALC.NS on Wednesday denied a Reuters report that the company is planning to produce solar modules.
"There are no developments of this nature. Any discussions on this topic are purely speculative," the metals firm said, calling the report "false and baseless."
(Reporting by Sethuraman N R in Gandhinagar)
(([email protected]; +918447554364;))
India's Hindalco plans to enter solar module manufacturing, sources say
By Sethuraman N R and Neha Arora
GUJARAT/NEW DELHI, Sept 17 (Reuters) - India's Hindalco Industries HALC.NS plans to start solar modules manufacturing and set up a plant in the western state of Gujarat, two people familiar with the matter told Reuters on Tuesday.
The company, owned by cement to fashion retail conglomerate Aditya Birla Group, is evaluating a five-year plan in the competitive sector, one of the sources said.
Hindalco has identified land in port town Mundra in Gujarat, the second person said.
India's No.2 aluminium maker, Hindalco Industries, is yet to get board approval and finalise its capital expenditure plans, both sources said.
The people declined to be named as they were not authorised to speak to the media.
The solar module manufacturing will be a good fit given Hindalco's dominance in aluminium manufacturing, one of the sources said.
Hindalco did not immediately respond to a Reuters request for comments.
If implemented, this would be the company's first foray in manufacturing green energy components. In 2022, the company had signed a collaboration with Greenko Group to produce solar and wind capacity for its smelter.
Some of India's top energy companies are already involved in solar module manufacturing.
Oil-to-chemicals conglomerate Reliance Industries RELI.NS has plans to start making solar modules later this year at its giga factory in Jamnagar, Gujarat, while Tata Power TTPW.NS is already producing solar modules and cells at its plants.
India is expanding its renewable energy capacity and aims to add at least 500 gigawatts of clean energy by 2030.
(Reporting by Sethuraman NR in Gujarat and Neha Arora in New Delhi
Editing by Tomasz Janowski
)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sethuraman N R and Neha Arora
GUJARAT/NEW DELHI, Sept 17 (Reuters) - India's Hindalco Industries HALC.NS plans to start solar modules manufacturing and set up a plant in the western state of Gujarat, two people familiar with the matter told Reuters on Tuesday.
The company, owned by cement to fashion retail conglomerate Aditya Birla Group, is evaluating a five-year plan in the competitive sector, one of the sources said.
Hindalco has identified land in port town Mundra in Gujarat, the second person said.
India's No.2 aluminium maker, Hindalco Industries, is yet to get board approval and finalise its capital expenditure plans, both sources said.
The people declined to be named as they were not authorised to speak to the media.
The solar module manufacturing will be a good fit given Hindalco's dominance in aluminium manufacturing, one of the sources said.
Hindalco did not immediately respond to a Reuters request for comments.
If implemented, this would be the company's first foray in manufacturing green energy components. In 2022, the company had signed a collaboration with Greenko Group to produce solar and wind capacity for its smelter.
Some of India's top energy companies are already involved in solar module manufacturing.
Oil-to-chemicals conglomerate Reliance Industries RELI.NS has plans to start making solar modules later this year at its giga factory in Jamnagar, Gujarat, while Tata Power TTPW.NS is already producing solar modules and cells at its plants.
India is expanding its renewable energy capacity and aims to add at least 500 gigawatts of clean energy by 2030.
(Reporting by Sethuraman NR in Gujarat and Neha Arora in New Delhi
Editing by Tomasz Janowski
)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's Hindalco set for best week in 2024
** Shares of aluminium and copper producer Hindalco Industries HALC.NS up 7.2% so far this week, set for best week since late December 2023
** London Metal Exchange aluminium prices set for biggest weekly gain since mid-April
** HALC's rise this week helped by rising bets of U.S. rate cut in September; lower interest rates could soften the dollar and make greenback-priced metals cheaper to holders of other currencies MET/L
** Largest climb this week was on Monday, closing up 3.9%
** However, HALC down 0.8% at 679.8 rupees on the day
** Nifty Metal index .NIFTYMET down 0.4% on the day after rising for five straight sessions
** Metal index up 3.3% for the week after logging three consecutive weekly declines; top sectoral gainer for the week in the benchmark index
(Reporting by Varun Vyas in Bengaluru)
** Shares of aluminium and copper producer Hindalco Industries HALC.NS up 7.2% so far this week, set for best week since late December 2023
** London Metal Exchange aluminium prices set for biggest weekly gain since mid-April
** HALC's rise this week helped by rising bets of U.S. rate cut in September; lower interest rates could soften the dollar and make greenback-priced metals cheaper to holders of other currencies MET/L
** Largest climb this week was on Monday, closing up 3.9%
** However, HALC down 0.8% at 679.8 rupees on the day
** Nifty Metal index .NIFTYMET down 0.4% on the day after rising for five straight sessions
** Metal index up 3.3% for the week after logging three consecutive weekly declines; top sectoral gainer for the week in the benchmark index
(Reporting by Varun Vyas in Bengaluru)
Hindalco to spend $10 bln to expand India business and Novelis, chairman says
BENGALURU, Aug 22 (Reuters) - India's Hindalco Industries HALC.NS will spend $10 billion to expand its domestic business and U.S.-based aluminium recycler Novelis Inc, Chairman Kumar Mangalam Birla said during the metals refiner's shareholder meeting on Thursday.
Hindalco would use the $10 billion for the ongoing aluminium and copper expansion projects as well as new ones, such as Novelis' Bay Minnette project in the United States, he said.
The Aditya Birla Group-owned company, which plans to expand its copper smelting capacity, is also exploring setting up a brownfield facility in Gujarat for copper.
The company did not provide any timeline for the previously delayed initial public offering of Novelis, Hindalco's biggest business that generates 60% of its revenue.
Hindalco said in December it was expanding beyond its core set of customers and aiming to produce key components for electric-vehicle cells.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Shreya Biswas)
(([email protected]; Mobile: +91 9591011727;))
BENGALURU, Aug 22 (Reuters) - India's Hindalco Industries HALC.NS will spend $10 billion to expand its domestic business and U.S.-based aluminium recycler Novelis Inc, Chairman Kumar Mangalam Birla said during the metals refiner's shareholder meeting on Thursday.
Hindalco would use the $10 billion for the ongoing aluminium and copper expansion projects as well as new ones, such as Novelis' Bay Minnette project in the United States, he said.
The Aditya Birla Group-owned company, which plans to expand its copper smelting capacity, is also exploring setting up a brownfield facility in Gujarat for copper.
The company did not provide any timeline for the previously delayed initial public offering of Novelis, Hindalco's biggest business that generates 60% of its revenue.
Hindalco said in December it was expanding beyond its core set of customers and aiming to produce key components for electric-vehicle cells.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Shreya Biswas)
(([email protected]; Mobile: +91 9591011727;))
India's Hindalco misses first-quarter profit estimates on higher expenses
Adds details, quote in pargraph 9-13, shares in paragraph
By Manvi Pant and Neha Arora
BENGALURU, Aug 13 (Reuters) - India's Hindalco HALC.NS on Tuesday reported first-quarter profit below estimates, hurt by a jump in expenses tied to disruptions at its Novelis unit's Switzerland plant.
Consolidated net profit for the Aditya Birla Group-owned company surged 25% to 30.74 billion rupees (about $366 million). Analysts, on average, expected a profit of 36.71 billion rupees, according to LSEG data.
IPO-bound Novelis NVL.N, which accounts for more than 60% of the firm's overall revenue, incurred a net cash impact of $80 million from the shutdown of its Switzerland-based plant.
Hindalco's total expenses grew over 4% to 522.61 billion rupees.
However, its bottom line still got a boost from strong sales and higher product prices at Novelis and its second-biggest business, copper.
During the quarter, global prices of base metals including aluminium and copper saw a sharp uptick amid supply shortages and rising demand, analysts said.
For the quarter, benchmark aluminium CMAL3 and copper CMCU3 prices on the London Metal Exchange rose 8% and 8.3%, respectively. MET/L
Peers Vedanta VDAN.NS and NALCO NALU.NS also reported higher profit, benefiting from a rise in prices.
Hindalco expects strong demand for copper and aluminium in India, its managing director Satish Pai said in a post-earnings call.
Pre-tax profit at Novelis jumped 21% to 41.7 billion rupees, while overall revenue from operations grew nearly 8% to 570.13 billion rupees. Revenue from its copper business jumped 16%.
"Next quarter, I don't see much issues. The aluminium prices are now running a little bit lower due to geopolitical concerns so really that's the only negative I see. The demand seems to be strong, copper should have another good quarter," Pai said.
The company was trying to find new sources for copper concentrate, but Pai said it would take two years before the supply-demand situation eases.
Pai did not give any specific timeline for Novelis' IPO.
Its shares settled 1.3% lower at 621.4 rupees. The stock has crucial support around the 590-600 levels, said Aamar Deo Singh, senior vice president of research at Angel One.
($1 = 83.9370 Indian rupees)
(Reporting by Manvi Pant in Bengaluru and Neha Arora in New Delhi; Editing by Mrigank Dhaniwala and Devika Syamnath)
(([email protected]; +918447554364;))
Adds details, quote in pargraph 9-13, shares in paragraph
By Manvi Pant and Neha Arora
BENGALURU, Aug 13 (Reuters) - India's Hindalco HALC.NS on Tuesday reported first-quarter profit below estimates, hurt by a jump in expenses tied to disruptions at its Novelis unit's Switzerland plant.
Consolidated net profit for the Aditya Birla Group-owned company surged 25% to 30.74 billion rupees (about $366 million). Analysts, on average, expected a profit of 36.71 billion rupees, according to LSEG data.
IPO-bound Novelis NVL.N, which accounts for more than 60% of the firm's overall revenue, incurred a net cash impact of $80 million from the shutdown of its Switzerland-based plant.
Hindalco's total expenses grew over 4% to 522.61 billion rupees.
However, its bottom line still got a boost from strong sales and higher product prices at Novelis and its second-biggest business, copper.
During the quarter, global prices of base metals including aluminium and copper saw a sharp uptick amid supply shortages and rising demand, analysts said.
For the quarter, benchmark aluminium CMAL3 and copper CMCU3 prices on the London Metal Exchange rose 8% and 8.3%, respectively. MET/L
Peers Vedanta VDAN.NS and NALCO NALU.NS also reported higher profit, benefiting from a rise in prices.
Hindalco expects strong demand for copper and aluminium in India, its managing director Satish Pai said in a post-earnings call.
Pre-tax profit at Novelis jumped 21% to 41.7 billion rupees, while overall revenue from operations grew nearly 8% to 570.13 billion rupees. Revenue from its copper business jumped 16%.
"Next quarter, I don't see much issues. The aluminium prices are now running a little bit lower due to geopolitical concerns so really that's the only negative I see. The demand seems to be strong, copper should have another good quarter," Pai said.
The company was trying to find new sources for copper concentrate, but Pai said it would take two years before the supply-demand situation eases.
Pai did not give any specific timeline for Novelis' IPO.
Its shares settled 1.3% lower at 621.4 rupees. The stock has crucial support around the 590-600 levels, said Aamar Deo Singh, senior vice president of research at Angel One.
($1 = 83.9370 Indian rupees)
(Reporting by Manvi Pant in Bengaluru and Neha Arora in New Delhi; Editing by Mrigank Dhaniwala and Devika Syamnath)
(([email protected]; +918447554364;))
Novelis notified customers about Swiss aluminium plant shutdown
July 23 (Reuters) - Hindalco Industries subsidiary Novelis HALC.NS, a supplier to a joint venture co-owned by Porsche P911_p.DE, said on Tuesday that it had notified automotive customers of a force majeure event that forced it to close an aluminium plant in Switzerland.
The plant was shut down in late June due to flooding and was unable to deliver fully to its automotive customers in Europe, Novelis said.
Porsche P911_p.DE cut its sales forecast earlier on Tuesday after one of its European aluminium suppliers had declared force majeure, meaning it was unable to meet its contractual obligations owing to events outside its control.
(Reporting by Victoria Waldersee
Editing by David Goodman
)
(([email protected];))
July 23 (Reuters) - Hindalco Industries subsidiary Novelis HALC.NS, a supplier to a joint venture co-owned by Porsche P911_p.DE, said on Tuesday that it had notified automotive customers of a force majeure event that forced it to close an aluminium plant in Switzerland.
The plant was shut down in late June due to flooding and was unable to deliver fully to its automotive customers in Europe, Novelis said.
Porsche P911_p.DE cut its sales forecast earlier on Tuesday after one of its European aluminium suppliers had declared force majeure, meaning it was unable to meet its contractual obligations owing to events outside its control.
(Reporting by Victoria Waldersee
Editing by David Goodman
)
(([email protected];))
India's Hindustan Copper up mine development plans; interest from Adani, Hindalco
** Shares of Hindustan Copper HCPR.NS jump as much as 3.5% to 332.3 rupees
** The state-owned co plans to develop two of its copper mines for which Adani Enterprises ADEL.NS and Hindalco Industries HALC.NS have shown preliminary interest
** Stock set for a second session of gains, while heading towards a second month of losses, if trend holds
** Stock has jumped ~23% YTD vs rise of 12.8% and ~80%, respectively, in peers Hindalco HALC.NS and Vedanta VDAN.NS,
** Nifty metal index .NIFTYMET up 0.5%
** It has risen ~25% so far this year
(Reporting by Yagnoseni Das in Bengaluru)
** Shares of Hindustan Copper HCPR.NS jump as much as 3.5% to 332.3 rupees
** The state-owned co plans to develop two of its copper mines for which Adani Enterprises ADEL.NS and Hindalco Industries HALC.NS have shown preliminary interest
** Stock set for a second session of gains, while heading towards a second month of losses, if trend holds
** Stock has jumped ~23% YTD vs rise of 12.8% and ~80%, respectively, in peers Hindalco HALC.NS and Vedanta VDAN.NS,
** Nifty metal index .NIFTYMET up 0.5%
** It has risen ~25% so far this year
(Reporting by Yagnoseni Das in Bengaluru)
Adani, Hindalco show interest as Hindustan Copper plans to develop two mines, source says
By Neha Arora
BENGALURU, June 24 (Reuters) - India's state-owned Hindustan Copper HCPR.NS plans to develop two of its copper mines for which Adani Enterprises ADEL.NS and Hindalco Industries HALC.NS have shown preliminary interest, a source with direct knowledge of the matter said.
"Adani and Hindalco attended the pre-bid conference earlier today," the source said, declining to be identified due to the sensitive nature of discussions.
Both mines with a combined capacity of 3 million metric tons are located in the eastern state of Jharkhand. One of the mines called Rakha has been closed since 20 years.
"The Rakha mine was becoming costlier to operate, so we want to give it to a developer," the source added.
Both Adani Enterprises and Hindalco did not immediately respond to a Reuters requests for comment.
(Reporting by Neha Arora in New Delhi; Writing by Navamya Ganesh Acharya in Bengaluru; Editing by Vijay Kishore)
(([email protected]; +91 8805175330 ;))
By Neha Arora
BENGALURU, June 24 (Reuters) - India's state-owned Hindustan Copper HCPR.NS plans to develop two of its copper mines for which Adani Enterprises ADEL.NS and Hindalco Industries HALC.NS have shown preliminary interest, a source with direct knowledge of the matter said.
"Adani and Hindalco attended the pre-bid conference earlier today," the source said, declining to be identified due to the sensitive nature of discussions.
Both mines with a combined capacity of 3 million metric tons are located in the eastern state of Jharkhand. One of the mines called Rakha has been closed since 20 years.
"The Rakha mine was becoming costlier to operate, so we want to give it to a developer," the source added.
Both Adani Enterprises and Hindalco did not immediately respond to a Reuters requests for comment.
(Reporting by Neha Arora in New Delhi; Writing by Navamya Ganesh Acharya in Bengaluru; Editing by Vijay Kishore)
(([email protected]; +91 8805175330 ;))
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What does Hindalco do?
Hindalco Industries Limited, a flagship company of the Aditya Birla Group, is a leading player in aluminium and copper production. It operates state-of-the-art facilities for copper smelting and fertiliser production.
Who are the competitors of Hindalco?
Hindalco major competitors are National Aluminium, MMP Industries, Arfin India, Euro Panel Products, PG Foils, Manaksia Aluminium, Sacheta Metals. Market Cap of Hindalco is ₹1,46,036 Crs. While the median market cap of its peers are ₹398 Crs.
Is Hindalco financially stable compared to its competitors?
Hindalco seems to be less financially stable compared to its competitors. Altman Z score of Hindalco is 2.6 and is ranked 7 out of its 8 competitors.
Does Hindalco pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Hindalco latest dividend payout ratio is 7.65% and 3yr average dividend payout ratio is 6.9%
How has Hindalco allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Hindalco balance sheet?
Balance sheet of Hindalco is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Hindalco improving?
Yes, profit is increasing. The profit of Hindalco is ₹15,999 Crs for TTM, ₹10,155 Crs for Mar 2024 and ₹10,097 Crs for Mar 2023.
Is the debt of Hindalco increasing or decreasing?
Yes, The net debt of Hindalco is increasing. Latest net debt of Hindalco is ₹51,085 Crs as of Mar-25. This is greater than Mar-24 when it was ₹30,102 Crs.
Is Hindalco stock expensive?
Hindalco is not expensive. Latest PE of Hindalco is 9.13, while 3 year average PE is 13.48. Also latest EV/EBITDA of Hindalco is 6.2 while 3yr average is 6.78.
Has the share price of Hindalco grown faster than its competition?
Hindalco has given better returns compared to its competitors. Hindalco has grown at ~17.17% over the last 3yrs while peers have grown at a median rate of 10.18%
Is the promoter bullish about Hindalco?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Hindalco is 34.64% and last quarter promoter holding is 34.64%.
Are mutual funds buying/selling Hindalco?
The mutual fund holding of Hindalco is stable. The current mutual fund holding in Hindalco is 13.29% while previous quarter holding is 13.29%.