Vedanta increases aluminium ingots price by more than 1% after two consecutive cuts

After two consecutive cuts, Vedanta Limited reportedly increased the prices of aluminium ingots by more than 1 per cent, with effect from Thursday, November 28. Thus, the ingots price now range between INR 142,500 per tonne and 155,500 per tonne.

Companies generally link prices of their products to the London Metal Exchange’s three-month aluminium futures, which are up nearly 4 per cent in the current quarter. In August and September, aluminium prices on the LME were down.

The aluminium vertical contributed around one-third to Vedanta’s consolidated sales in the September quarter. The net sales of Vedanta were INR 21,739 crore, after dropping by 3 per cent from INR 22,432 crore in the same period last year.

Vedanta is present in the aluminium segment through its 51 per cent stake in Bharat Aluminium Company Limited and its smelters at Jharsugda in Odisha. With this, Vedanta commands a 40 per cent share in India’s primary aluminium market.

On the news of the aluminium ingots price hike, shares of Vedanta today closed 0.3 per cent higher at INR 147.40 on the National Stock Exchange.

source https://www.alcircle.com/news/vedanta-increases-aluminium-ingots-price-by-more-than-1-after-two-consecutive-cuts-49502