JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
The flagship company of Aditya Birla Group, Hindalco Industries, recorded a 71% year-over-year increase in consolidated net profit in the December quarter, coming in at ₹2,331 crore. In the same quarter of the previous year, the company's net profit was ₹1,362 crore. According to a February 13 exchange filing by the company, consolidated revenue reduced 0.6% year over year to ₹52,808 crore.
"The copper business registered a record EBITDA, up 20% YoY on the back of strong volume growth and robust operations. The Aluminium Upstream business EBITDA rose 54% YoY, supported by stable operations and lower raw material costs, which keeps us positioned in the first quartile of the global cost curve," Hindalco's Managing Director Satish Pai.
Meanwhile, the board has approved to extend Pai's term in the company to another four years, ending on December 31, 2027. Hindalco shares traded down 12% at ₹512 at 14:07 pm on February 13 one the BSE. The shares slid after its US-based subsidiary Novelis, revised guidance for the project cost of Bay Minette project.
"While the capital expenditure for the Bay Minette project has escalated primarily due to higher civil and construction costs than initially
estimated, the strategic rationale remains firmly in place," the company said.
Novelis said on February 12 that its Bay Minette project sees a 65% increase in total capital cost and a one-year delay and revised the project cost to $4.1 billion, expecting commissioning by end-CY2026 or 2HFY27.
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