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Vedanta raises prices of aluminium ingots after two cuts in a row

Informist, Wednesday, Mar 17, 2021

 

By Nikita Periwal

 

MUMBAI – Vedanta Ltd has increased the prices of its aluminium ingots by 3,750 rupees per tn, or more than 2%, with effect from Tuesday. This hike comes after two consecutive price cuts by the company.

 

Following the latest revision, the company is selling ingots at 182,750-195,750 rupees per tn. Prices of these products are up 9-10% compared to the end of the December quarter.

 

The three-month futures of aluminium on the London Metal Exchange, generally used as a benchmark, are up nearly 10% in the same period.  

 

The aluminium business typically accounts for a third of the company's consolidated sales. Vedanta is also engaged in zinc, oil and gas, power, copper, iron ore, and steel operations.

 

The company holds stake in Bharat Aluminium Co Ltd, and has smelters in Jharsuguda, Odisha. It commands 40% share in India's primary aluminium market.

 

Shares of Vedanta today closed at 224.80 rupees on the National Stock Exchange, down 0.7% from the previous close.  End 

 

Edited by Charumathi Sankaran

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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