查看更多>>摘要：Base metals were content to hover in familiar ranges, with prices reluctant to stray too far from overnight levels ahead of the release of the latest batch of the US economic data, traders and analysts said. Copper continued to gentle recovery from six-month lows through the morning but still showed little inclination to rally much further than around 1507 dollars a ton basis three month last kerb close. Other LME metals were subdued and movements were minimal.
查看更多>>摘要：As suggested by our report last week, base metals started on a positive note. However, residual fund selling and selling from the east once again pushed the metal prices back to the recent lows. Against the background of weaker equities and poor economic numbers from the US, the metals may fall further. However, in the absence of any major producer or consumer interests, the funds and speculators are likely to dominate the proceedings in the near term. In my personal opinion, most of the metals are undervalued especially copper and they present a long-term investment opportunity. However, during the seasonal slow down, the speculators may be tempted to drive the prices lower in the near term.
查看更多>>摘要：The domestic non ferrous metals sector is mainly hoping to receive a boost from growth in two major sectors telecom and power, the main consumers for both copper and aluminium products. Any good news from these fronts would add to the already good fortunes that the industry is anticipating indicated by the Index of Industrial production (IIP) which reveals a growth of 5.5 per cent during April -May 2002 in the mining sector as against 1.4 per cent growth in the same period last year. Between January to May 2002, the domestic copper sector saw the highest level of growth in production at 115 per cent to 1,42,054ton as against 66,003 ton last year. Then aluminium grew modestly by 13 per cent to 2,83,970 ton as against 2,50,656 ton last year. Zinc witnessed a moderate growth of six per cent to 88,488 ton over 83,873 ton last year. Lead saw a negative growth of around nine per cent to 14,817 ton against 16,367 ton last year. In the international markets, there was a mere 1-2 per cent in production of aluminium, copper, lead and zinc. As a result of poor offtake by the manufacturing industry these markets face a situation of rising inventory and over capacity, shut downs, industrial turmoils.
查看更多>>摘要：Due to the high stamp duty charges that Indal's merger with Hindalco would attract, the AV Birla group is unlikely to merge the two companies in the near term. The plan was announced recently by the group as a part of restructuring exercise to consolidate its non-ferrous metals business. For now, Indal will remain a wholly owned subsidiary of Hindalco, delisted from the bourses after the completion of the open offer to buy all outstanding shares from the market.
查看更多>>摘要：As part of the restructuring, the A.V. Birla Group has planned expansions at the integrated aluminium complex at Renukoot (Uttar Pradesh) and the copper complex at Dahej in Gujarat. The group is keen on increasing the copper as well as aluminium smelter capacities as much as can easily be supported by the existing infrastructure facility at the current locations, according to Debu Bhattacharya, managing director, Indo Gulf. The group aims to attain global size and have an edge over our competitors and will continue to expand, irrespective of whether it manages to get Nalco or not, Bhattacharya added.
查看更多>>摘要：Indal has recorded a 13 per cent decline in net profit at Rs 24 crore in the first quarter ended June 30, as against Rs 28.6 crore a year ago. It's turnover has dipped to Rs 3.10 billion (Rs 310.2 crore), from Rs 3.32 billion (Rs 332.2 crore) in the first quarter last year. Sales for the quarter dropped 6.6 per cent to Rs 3.10 billion (Rs 310.24 crore) as against Rs 3.32 billion (Rs 332.26 crore) in the same period of the previous fiscal. Other income for the quarter stood at Rs 0.1 billion (Rs 10.93 crore), which was higher by 135 per cent as compared to other income of Rs 4.65 per cent in the corresponding quarter of the previous fiscal. Total expenditure for the first quarter has dropped only marginally by 1.32 per cent to Rs 2.69 billion (Rs 269.83 crore) as against a figure of Rs 2.73 billion (Rs 273.44 crore) in the earlier fiscal. Raw material consumption during the period has also dropped by 5.45 per cent to Rs 1.14 billion (Rs 114.12 crore) as against Rs 1.20 billion (Rs 120.07 crore) in the previous years. Interest outgo in the quarter dropped 50 per cent to Rs 0.6 billion (Rs 6.12 crore) as compared to interest of Rs 1 billion (Rs 9.17 crore) in the first quarter of the previous fiscal. Other income for the quarter doubled to Rs 0.1 billion (Rs 10.9 crore) compared with Rs 0.5 billion (Rs 4.65 crore) in the previous year.
查看更多>>摘要：The government is likely to invite bids by next week for disinvesting 30 per cent stake in Nalco. The government, which holds 87.15 per cent stake in the country's second largest aluminium maker, plans to lower its holding to 26 per cent. It is planning to sell a 10 per cent stake in Nalco through domestic issue of shares, while another 20 per cent would be sold through the issue of American Depository Receipts (ADRs). The government plans to sell a further 29.15 per cent stake in Nalco to a strategic partner, while two per cent would be retained for employees.
查看更多>>摘要：Meanwhile, Indal board has okayed the expansion of its smelting capacity at its Hirakud complex in Orissa from 30,000 ton a year to 57,200 ton a year by transferring electrolytic pots from its defunct Karnataka unit. The smelting capacity of the subsidiary to Hindalco will hence stand doubled by September-end, when it completes the shifting of equipment. According to the company, the implementation is on schedule. The company's Belgaum complex in Karnataka, which was shut down in 1995 owing to high power cost, has around 400 smelting pots. Indal has started dismantling 200 electrolytic pots lying idle at its Belgaum smelter and the investment envisaged for moving the first lot of pots is around Rs 1.7 billion (Rs 170 crore).
查看更多>>摘要：National Aluminium Co, will gradually start up parts of its expanded smelting capacity in August despite a delay in completion of the expansion. This has caused the date of completion to be delayed to the end of the year, from end-June. The company, is undergoing an upgrade which will lift its capacity to 345,000 metric tons a year from 230,000 tons/year currently. The delay isn't significant, the company said. With the gradual startup, the company plans to produce an additional 7,000 tons of aluminium on top of the existing capacity.
查看更多>>摘要：The Disinvestment Ministry is likely to invite expression of interest for strategic sale of 29.15 per cent stake in Nalco next week following a clearance given by the cabinet committee on disinvestment earlier this month to commence work on all three stages of the sell-off simultaneously. The finalisation of strategic sale would, however, follow the 10 percent domestic issue and 20 percent American Depository Receipts issue.
NSTL