C Venkataramana, chairman and managing director of public sector alluminium major Natioan Alluminium Company has gone on leave following registration of a first information report against him by Mumbai Police for allegedly molesting a woman colleague
The government on Thursday decided to sell 10 per cent shares in Nalco and Neyveli Lignite Corporation.
The mines ministry has put a conditional offer to offload 10 per cent stake in Nalco, saying that the money accrued from such a sale would be invested in the PSU.
The agency also filed a charge sheet before special CBI Judge Sanjeev Jain at Patiala House Court for offences under the Prevention of Corruption Act against the accused.
National Alluminium Company is actively exploring the possibility of setting up a joint venture project in the Middle-East, officials said on Saturday.\n\n
Market remains extremely volatile before budget.
National Aluminium Company Ltd, the largest alumina-aluminium producer and exporter of the country, has planned a Rs 4000-crore investment in capacity expansion.
They want the authorities to fulfill their security-related demands which include no duty in the mining area after sunset, increasing the number of security personnel and their presence in the workers' colony and in buses used to transport the workers. The operations have halted following a Naxalite attack on the site in which 10 CISF jawans and five Naxalites were killed. About 100 Nalco workers were held hostage by the ultras for over eight hours.
Even as aluminium maker Nalco plans to restart operations at its Panchpatmali bauxite mines in Koraput district on Thursday, the employees stay too scared to go back to work.
A meeting of the board of directors of National Aluminium Company Ltd is scheduled to be held on January 30 to consider and take on record the unaudited financial results (provisional) for the three months ended December 31, 2002.
Currently, the public sector major has an inventory of 20,000 tonnes as against the usual level of 5,000 tonnes. Analysts expect the inventory to reach 25,000 tonnes by March-end. "We expect aluminium prices to remain below the cost of production for the next six to nine months," said Vipul Shah, an analyst with Mumbai-based brokerage K R Choksey Shares. "The outlook for aluminium is grim," he said.
Nalco plans to export aluminium valued at over Rs 2,000 crore to China during the current fiscal, even as the industry is making efforts to boost domestic consumption, C Venkataramana, chairman and managing director, Nalco, said in Bangalore.
The divestment of government holding in Bharat Petroleum Corporation and National Aluminium Company would be undertaken simultaneously in the Indian and American markets, according to Communications and Divestment Minister Arun Shourie.
Aluminium ingots and sow will now cost about Rs 70,000 a tonne in the local market and wire rods and billets would be priced at around Rs 78,000-79,000 a tonne. After breaching the 52-mark against the dollar in intra-day during trade the last quarter the Indian rupee has appreciated to trade at 47 level to a dollar.
National Aluminium Company of India Ltd has posted a net profit of Rs 1276.70 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 1101.90 million in the corresponding period last fiscal.
Stocks of government probables for divestment or stake sale such as Steel Authority of India (SAIL), Mahanagar Telephone Nigam (MTNL), National Aluminium Company (Nalco) and Container Corporation (Concor) have outperformed the markets in the past one year.
Aluminium producers are pleasantly surprised, as the price of the base metal reached a 14-month high of $2,188 per tonne this week despite the absence of any surge in consumption.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
The government has received Rs 413 crore as dividend tranches from five CPSEs, including NLC and NALCO. "Government has received Rs 78 crore and Rs 165 crore respectively from Antariksh corp and NLC as dividend tranches," DIPAM secretary Tuhin Kanta Pandey tweeted.
The reduction in customs duties on non-ferrous metals would keep a check on a rise in prices, as landed cost of these would effectively reduce
Indian aluminium producers are one of the lowest cost producers in the world, which is a significant advantage.
India is working on new technologies such as the small modular reactors that can be factory-built and help make clean energy transition, Science and Technology Minister Jitendra Singh said in New Delhi.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
The next auction for bauxite blocks in Odisha may see heightened interest with Adani Group charting an entry into alumina refining and existing players looking to boost capacity. Hemant Sharma, principal secretary, Odisha industries department, said that three bauxite blocks have been scheduled for auctions this year. Adani Group - which will be setting up a 4-MMTPA alumina refinery and may enter aluminium production - is expected to bid for mines, though raw material linkages shall be available from Odisha Mining Corporation (OMC).
The re-opening of the Chinese economy, as it moves away from its zero-Covid policy, could help stabilise commodity prices, according to some of the country's top metal companies. They view this as a positive for demand, at a time when markets such as the US and Europe have been largely weighed down by slowdown concern now. "Most of us in the metals business are hoping the Chinese economy picks up because half of any metal demand, including demand for aluminium, comes from China.
Promoters have not proved they mean well for the community.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
The Bombay high court on Thursday stayed the departmental probe conducted by National Alluminium Corporation into allegations of molestation of a female employee by its chairman-cum-managing director.
Govt has drawn list of PSUs for strategic sale: Jaitley
The government on Thursday fixed Rs 358 a share as the floor price for up to 10 per cent stake sale in Coal India on Friday, which may help the exchequer garner about Rs 22,600 crore (Rs 226 billion) in the biggest sale of shares.
Lines up seven OFS issues along with half a dozen IPOs for the next few months
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The finance ministry has short listed 11 PSUs for a possible buyback of shares in the ongoing financial year
Centre's disinvestment policy Saturday came in for sharp criticism from some States with BJP ally Biju Janata Dal in Orissa going so far as to seek a separate National Democratic Alliance meeting on it.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
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