查看更多>>摘要：Our last weeks report was almost prophetic as Grupo Mexico made public its intentions to close its 50,000 tpy copper mining complex in Arizona. Copper reacted to the news positively and late-evening buying coupled with short covering resulted in a close over 1,550 dollars on three-months basis. Due to the ongoing rally in copper, the technical picture of copper price has improved dramatically and if equity markets remain firm for remainder of this year then expect a test of 1,600 dollars -1,625 dollars resistance band. Aluminium is riding on the coat-tails of copper and has done well to clear the 1,300 dollars -1,325 dollars range. Readers of our report will appreciate that we had suggested a test of 800 dollars for zinc and 7,000 for nickel in our last week's report. Nickel closed above 7,000 dollars on three-months basis and zinc 15 dollars short of the 800 dollars mark.
查看更多>>摘要：Hindalco Industries Ltd. has reported a 25 per cent drop in net profit to Rs. 1.25 billion for the second quarter of the fiscal ended September 30, 2002 as against a net profit of Rs 1.67 billion in the same quarter of the previous fiscal. Net sales for the quarter increased marginally by to per cent to Rs 5.69 billion (Rs 5.57 billion) while total expenditure increased was up 28 per cent to Rs 3.89 billion (Rs 3.03 billion). Company officials attributed the lacklustre performance to weak prices the London Metal Exchange (LME), depressed economic scenario, higher input costs, and major disruptions resulting in production losses of 6,000 tons. Meanwhile, net profit for the first half of the fiscal stood at Rs. 2.65 billion, down 19 per cent (Rs 3.28 billion). Net sales for the first half was fiscal higher by four per cent at Rs 11.55 billion (Rs 11.06 billion).
查看更多>>摘要：Indo Gulf Corporation saw its net profit rise by 26 per cent to Rs 1.02 billion for the quarter ended September 30, 2002 as compared to Rs 0.76 billion for the quarter ended September 30, 2001. Total income has increased from Rs 7.06 billion in the same period last year to Rs 8.05 billion in the quarter ended September 30, 2002. Net sales during the quarter under review stood at Rs 7.93 billion as compared to Rs 6.93 billion. For the half year ended September 30, 2002, the company has posted a 35 per cent increase in net profit as Rs 1.71 billion as against Rs 1.26 billion in the same period during the previous fiscal. Its sales turnover of Rs 15.08 billion is up by 18.3 per over the corresponding period of the previous year. The copper division Birla Copper and fertiliser division contributed Rs 6.36.24 billion and Rs 1.57.48 billion, respectively, to the turnover in the second quarter of the current fiscal. Commenting on the results, Indo Gulf Corporation Ltd managing director Debu Bhattacharya said that global copper demand fell by 1.9 percent and the second half of the fiscal year may see only a lacklustre recovery. The company produced 91,571 tons of copper in the half-year and its exports were 37,358 tons. Sales were Rs 12.48 billion and profit before tax and interest was Rs 2.16 billion.
查看更多>>摘要：Parekh Platinum has asked the Reserve Bank of India (RBI) to allow it to hedge in the platinum group of metals, including palladium and rhodium, in the international markets. The company has sought not to allow it to hedge in bullion on the London Bullion Exchange last. It is currently exporting jewellery to Italian makers who in turn export to various countries. In view of this, the company has decided to take up platinum jewellery exports to cater to Chinese and Japanese markets which are the largest customers for products using the precious white metal, according to Rajesh Parekh, chairman and managing director of Parekh Platinum.
查看更多>>摘要：The Rs 30-billion diamond industry in the state of Maharashtra called for a state-wide bandh on October 25, protesting against sales tax authorities. Around 3,000 diamond traders including importers and exporters in the state have claimed severe harassment by the sales authority of the state for the last one and a half months. Bharat Diamond Merchant Association, Bharat Diamond Bourse, Diamond Exporters Association Ltd. and the Gem & Jewellery Export Promotion Council of India came together for the closure. The decision was taken unanimously by 1500 traders representing above associations who gathered on 19 October to decide on the course of action against the harassment by the sales tax authority in the form of raids.
查看更多>>摘要：Cement production and despatches increased by 10 per cent each during the six months ended September 2002. Production moved up from 49.48 million tons during April-September 2001 to 54.31 million tons in April-September 2002, up 9.76 per cent. Cement dispatches rose by 9.99 per cent from 49.40 million tons to 54.34 million tons. The half-yearly capacity moved up form 62.56 million tons to 68.00 million tons. The capacity utilisation in the first half of 2002-03 moved up marginally from 79.10 per cent to 79.86 per cent, while the capacity of the cement industry was up 8.70 per cent during the period.
NSTL