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  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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