1. Heavy metal

Heavy metal

Steel Authority of India and the country’s largest aluminium manufacturer Hindalco bore the brunt of depressed prices in the international market, with the former posting its third consecutive quarterly loss during the October-December quarter and the latter seeing its net profit decline by a massive 88.74%, reports fe Bureau in New Delhi.

By: | Updated: February 10, 2016 2:23 AM

Steel Authority of India and the country’s largest aluminium manufacturer Hindalco bore the brunt of depressed prices in the international market, with the former posting its third consecutive quarterly loss during the October-December quarter and the latter seeing its net profit decline by a massive 88.74%, reports fe Bureau in New Delhi. “The company incurred a net loss of Rs 1,529 crore for the third quarter of 2015-16…primarily due to a 24% decline in net sales realisations over the corresponding period last year. Sales were adversely impacted by a huge surge in imports of low-priced steel,” SAIL said in a statement. Similarly, Hindalco said, “Operating results for the quarter were severely impacted by the sharp drop in London Metal Exchange prices and regional aluminium premium, the macroeconomic factors beyond the company’s control. As a result, combined decline in realisations, on y-o-y basis was over $700 per tonne of aluminium.”

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  1. K
    kushal kumar
    Feb 11, 2016 at 5:28 am
    India’s economic growth in Q3 – 2015 and after having slow trend. This trend is in line with this Vedic astrology writer’s predictions in monumental article – “ Stressful times ahead for world economy in 2015 and 2016” – published on 2 June 2014 , over 19 months past from now , in online magazine astrologyweekly. Related to the period we have reached , it was predicted : “ A major cause of concern may arise from November 2015 to July 2016”. Further said : “ Thus , a major concern could surface in first half of 2016”. While mentioning commodities which could become responsible for slow trend , minerals and metals were also identified.
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