For the Oct-Dec period, the firm posted a net profit of Rs. 22.4 cr against a loss of Rs. 2.9 cr a year earlier. Revenue rose 18% to Rs. 139.8 cr.
Hindalco Industries reported net profit of Rs 359.36 crore for the quarter ended December on standalone basis against Rs 333.98 crore in the corresponding quarter.
"It is going to take some time for the new supply in oil, iron ore and copper to get absorbed in the market. It will easily be another year or two," said Tom Albanese.
A sharp slowdown in China has caused global commodity prices to tumble to multi-year lows with iron ore and coal prices falling to five year lows recently.
Vedanta Resources is exploring better quality iron ore at its Liberia mines as a sharp fall in ore prices globally cast a shadow on the future of the project.
The group, which includes Cairn India, Hindustan Zinc and Sesa Sterlite, will slash 2016 capex by “multiples of 100s of million of dollars,” said Albanese.
Crude oil prices have more than halved since June, hitting the company's oil and gas unit, Cairn India Ltd, which is the country's largest private onshore oil producer.
JSW Steel claims that NMDC is charging 40% higher for similar quality iron ore fines than private miners in Odisha, which have been consistently reducing prices for three months now.
The valuation of the company after investment is expected to be in the range of Rs 500 crore to Rs 700 crore, according to the people cited above.
The terminal’s existing infrastructure can be further leveraged to handle 12 mt per annum to meet growth volumes, according to its website.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon