Hindalco Industries has bagged three coal mines in the Schedule-II auction — something that certainly paves the way for partial raw material security for the company. However, the market does not seem to be impressed.
Odisha Mining Corporation (OMC) has started the process to scrap bauxite mining joint venture (JV) projects with Hindalco and Sesa Sterlite after the state government said the state-run miner can take a decision to do so.
Dealing a body blow to the hopes of Rio Tinto, Vedanta Group firm Sesa Sterlite and Aditya Birla Group's Hindalco Industries, the Odisha government has decided to scrap joint ventures (JV) formed by these firms with its Odisha Mining Corporation (OMC),
Bharat Aluminium Company (Balco) bagged one more coal block on the eighth day of the auction, taking the total number of mines sold so far through the ongoing auction to 18, that will generate an estimated Rs 1 lakh crore for respective states.
Continuing its aggressive bidding, Hindalco Industries bagged one more mine in the ongoing coal auction, taking the total number of blocks won by the firm to three that includes two in Chhattisgarh and one in Jharkhand.
Greenpeace India has faced a rough time since the National Democratic Alliance government came in. The Indian end of the international non-government organisation has advocated against any new coal projects in India for a while.
Shares of industry leader in aluminium and copper, Hindalco Industries have inched up in today’s trade and are trading higher by 1.4% to Rs 154 on the BSE after it won the Gare Palma coal mine in Chhattisgarh by outbidding companies like BALCO,
Senior public prosecutor V K Sharma told the court that the agency has completed the investigation and one more witness has been examined during the course of probe and they are filing his statement in a sealed cover.
Aditya Birla group firm Hindalco Industries has won the Gare Palma IV/5 mine in Chhattisgarh by outbidding companies like BALCO, Sesa Sterlite, Ambuja Cements, which were also vying for the same block.
High fixed costs have chipped away Hindalco's bottom line in the December 2014 quarter, though operating profit grew a robust 47 per cent. Sales grew 18 per cent year-on-year (y-o-y) to Rs 8,471 crore, marginally below the Street’s estimates.
Hindalco Industries today reported lower-than-expected net profit of Rs 359 crore in the December quarter, up 7.25% from corresponding period last year mainly due to higher sales even as increased finance costs which more than doubled on a year-on-year
Shares of aluminium and copper producer Hindalco are trading higher by nearly 2% to Rs 153 on the BSE after it posted a 7.5% jump in the quarterly profit, bolstered by higher volumes and realisations in both businesses.