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Vedanta cuts prices of aluminium ingots second time this week

Friday, Oct 30, 2020

 

By Nikita Periwal

 

MUMBAI – Vedanta Ltd has cut the prices of its aluminium ingots for the second time this week, reducing prices by nearly 1% or 1,500 rupees per tn, trade sources told Cogencis.   

 

Companies generally link prices of their products to the three-month futures of aluminium on the London Metal Exchange. So far this year, the benchmark contract has fallen nearly 1% after seeing a brief recovery recently.

 

Vedanta has raised prices of its products by around 3% so far in October, compared with the end of September. Aluminium has seen a near 3% gain on LME during the same period. After the latest price revision, the company is selling ingots at 150,250-163,250 rupees per tn.

 

The aluminium business typically accounts for a third of the company's consolidated sales. Vedanta is also into zinc, oil and gas, power, copper, iron ore, and steel operations. The company holds stake in Bharat Aluminium Co Ltd and has smelters in Jharsuguda, Odisha. It commands a 40% share of India's primary aluminium market.

 

At 1223 IST, shares of Vedanta were at 93.85 rupees on the National Stock Exchange, down nearly 2% from the previous close.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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This copy was first published on the Cogencis WorkStation

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