The industry body also asked the government to eliminate or reduce customs duty on alloy steel and secondary aluminium alloy.
Symbol: ALUMINIUM| Contract: May, 2017| Category: Metal
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Analysts had been expecting lower energy costs and firm prices to help the company to post better margins and higher revenues in the coming quarters.
The company plans to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes.
Shares of Hindalco surged as much as 6.32 per cent in an otherwise flat market to hit fresh 52-week high of Rs 166.40 on buzz that that the government may impose duty protection measures for the domestic aluminium sector.
Despite the hurdles, Vedanta posted a record aluminium production of 2.96 lakhtonnes during the September quarter and saw its power salesrise y-o-y helped by commissioning ofadditional units at TSPL and Balco over the last year.
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