Bhubaneswar, Sep 29 - Aluminium major Nalco has declined to supply a trial amount of alumina to Vedanta Aluminium, triggering a controversy here.
It agreed to supply 53 tonnes of alumina to Vedanta smelter, in the district headquarters town of Jharsuguda, about six months ago. It had also received an amount of about Rs. 1.5 million from Vedanta.
The move was seen as Nalco's renewed relationship with its private sector rival. But it came as surprise, when Chairman and Managing Director Ansuman Das said his company would not sell alumina within India.
Bhubaneswar, April 3 : State-owned National Aluminium Company Ltd (NALCO) has decreased its domestic aluminium price by Rs. 3,000 a tonne as the international price of the metal has come down, a company official said Wednesday.
This is the third time since the start of last month that the Bhubaneswar-headquartered NALCO has revised the price across all products because of the fluctuation of the aluminium price at the London Metal Exchange, the official told IANS.
The company which is India's third largest aluminium producer last cut price by Rs. 6,500 and Rs. 2,000 March 1 and March 22, respectively, across all products.
Bhubaneswar, March 25 : The state-run National Aluminium Company Limited (NALCO) Monday said it has targeted a sales turnover of Rs. 7,757 crore for 2013-14, about ten per cent higher than that of 2012-13.
NALCO signed a memorandum of understanding with the union mines ministry Monday on the physical and financial targets for 2013-14.
According to this pact, NALCO has been given an annual production target of 64.50 lakh tonnes of bauxite, 21.5 lakh tonnes of alumina, and 4.05 lakh tonnes of aluminium, the company said here in a statement.
Government has set a floor price of Rs. 40 a share for the offer for sale (OFS) of state-owned National Aluminium Co. Ltd (Nalco), which is set to open on Friday.
National Aluminum Company Ltd. (Nalco) is now eager to obtain a temporary work permit (TWP) to extract the bauxite ore from its Panchpatmali mine in Odisha as its lease deed for the same expired on Saturday.
Nalco is optimistic that it would get the TWP by the end of November. The miner said it had sufficient stock to run its Damanjodi, Koraput-based alumina refinery till November-end.
The Union Government’s Cabinet Committee on Economic Affairs (CCEA) on Friday approved plan of disinvestment in four public sector units (PSUs) for the current fiscal.
According to the CCEA approval, the government will slash its stake in Hindustan Copper, Oil India Ltd., MMTC and Nalco. The Centre will offload 10 per cent and 9.59 per cent of its stakes in Oil India Ltd and Hindustan Copper respectively.
As for Nalco and MMTC, the Centre has plans to offload its stakes to the extent of 12.15 per cent and 9.33 per cent respectively.
Anshuman Das, commercial director of National Aluminium Co Ltd (Nalco), has also been given the additional charge of Chairman & Managing Director (CMD) of the public sector aluminium manufacturer.
In its recent filing to the Bombay Stock Exchange, Nalco said that Das assumed the additional charge yesterday after a Mines Ministry order.
Bhubaneswar, June 10 : Aluminium prices are likely to remain in a range of $2,500 to $2,700 a tonne for at least the next two-three months, India's state run National Aluminium Company Limited (NALCO) said Friday.
"We believe that in the short term in next two to three months the prices should remain range-bound between $2,500 and $2,700," B. L. Bagra, NALCO chairman-cum-managing director, told IANS.
Bhubaneswar, March 17 : The state-run National Aluminium Company Limited (NALCO) has cut its aluminium price by Rs. 2,500 per tonne for the domestic market as the international price of the product has come down, a senior company official said Thursday.
"We have decreased the price by Rs. 2,500 per tonne of all aluminium products in the domestic market and it will be effective till March 31," the official told IANS.
The price of aluminium is governed by the international market. The rate has been revised as its price has fallen on the London Metal Exchange (LME), he said.
Technical analyst Anil Singhvi has maintained 'buy' rating on National Aluminium Company Limited (NALCO) stock with an intraday target of Rs 115.
Mr. Singhvi said that the investors can buy the stock with a stop loss of Rs 107.
The shares of the company, on March 15, closed at Rs 107.70 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 481.50 and a low of Rs 117 on BSE.
Current EPS & P/E ratio stood at 4.48 and 24.02 respectively.
Union Mines Ministry suspended Abhay Kumar Srivastava, Chairman and CMD, National Aluminum Company Limited (NALCO). In this high profile bribery case, other names are yet to come before CBI. Srivastava is in custody of Central Bureau of Investigation till March, 3.
Mines Ministry said about this suspension in media release "Abhay Kumar Srivastava, Chairman-cum-Managing Director, National Aluminum Company Limited (NALCO) has been put under suspension with immediate effect following investigation/inquiry in a case (CBI regular Case 01/2011 of AC1 Branch) of criminal offence".
The chairman and managing director of National Aluminium Company Ltd (NALCO) Mr. Abhay Kumar Srivastava has been arrested by the Central Bureau of Investigation (CBI) today. He has been accused of taking bribe and corruption. He was involved in taking bribes in the form of gold bricks.
With him his wife Chandni Srivastava and two assistants were also arrested by the agency.
In Q3FY11, Nalco's revenues increased by 2% YoY to Rs14.4bn on higher LME aluminium (up 19% YoY to USD2,338/t) even though metal sales declined 12% YoY to 104kt. EBITDA grew 32% YoY to Rs3.9bn & OPM expanded 610bps to 27.0%. PAT rose 65% YoY to Rs2.6bn aided by lower tax rate.
Volume: While alumina and aluminium output remained flat YoY at 399kt and 112kt respectively, sales declined to ~162kt (down 9% YoY) & ~104kt (down 12% YoY) respectively on inventory built-up.
Four Indonesian Coal Corporation has revealed interest to collaborate with public sector National Aluminium Company (Nalco) for its 4 billion USD (Rs 18,000 crore) aluminium-cum-power plant compound in that nation.
The 4 organization, which posse’s reaction to the Expression of Interest (EoI) offer proposed by Nalco past month, are MEC Middle East, Bumi Resources, Energy Indonesia and Pram Dwi Jaya.
State-owned National Aluminium Company Limited (Nalco) has informed that the June quarter has been quite impressive in terms of net profit. The company has said in a statement that it has posted a rise of 125% in its net profit in the Q1 of the current financial year. Company has declared its first quarter financial results for the fiscal year 2010-11.
According to the report, Nalco has posted a net profit of Rs. 284 crore for the quarter that ended in 30th June, 2010.
The company had registered a net profit of Rs. 127 crore in the similar quarter in the previous year.
Net profit of India's largest public sector aluminum producer National Aluminium Co (NALCO) for the quarter ended on June 30, 2010 witnessed a growth of over 100 per cent, the company said in a statement.
As reported by the company based out of Bhubaneswar, Orissa, net income of the company escalated to Rs. 2.84 billion from Rs. 1.26 billion for the same quarter in the previous financial year.
Sales of the company for the particular quarter jumped nearly 40 per cent to Rs. 14 billion on a year-on-year basis from Rs. 10.4 billion in the second quarter of the previous fiscal.
State-run National Aluminium Company Ltd (Nalco) has declared its fourth quarter financial results for the fiscal year 2009-10 and has managed to post a remarkable net profit and revenue. The company has posted a net profit of Rs 391.48 crore for the quarter that ended in 31st March, 2010. This net profit figure was at Rs 83.02 crore for the same quarter in the last year.
The company has declared that there has been a five fold growth in its net profit for the quarter reviewed. The state- run firm has informed this in a filing at the Bombay Stock Exchange.
Profit of state-run aluminum producer, National Aluminium Company Ltd. has increased five-folds for the fourth quarter ending March 31.
The fourth quarter profit of the company was Rs 391.48 crore, which is higher than the figure of Rs 83.02 crore for the last year.
Total income of the company was Rs 1,625.97 crore for the period between January to March. This is higher than Rs 1,125.66 crore for the same period of last year.
State-run National Aluminium Company (NALCO) announced that its net profit registered an increase of 4.71 times during the quarter ended March 31, 2010.
During the fourth quarter, the company's profit stood at Rs 3,914.80 million as against 830.20 million in the prior year period.
The total income of the company during the same quarter surged 37.14% to Rs 16917.30 million.
National Aluminium Company (on May 12) announced that it has decided to make an investment of Rs 80 crore to establish a R&D centre in Orissa which will be by 2013.
NALCO was incorporated on 7th January 1981 as a wholly owned enterprise of Government of India for technical collaboration and financing of an integrated aluminium complex with Aluminium Pechiney of France. Company undertook major expansion of bauxite mine from 2.4 million TPA to 4.8 million TPA and alumina refinery from 8,00,000 TPA to 13,50,000 TPA in 1994. It also set up a Smelter plant at Angul with a capacity of 26000 TPY of strip casting facility. A special Alumina plant at Damanjodi was set up with a capacity of 20,000 TPY and 10,000 TPY for detergent grades Zeolite (Zeolite-A).