HINDALCO
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India's auto boom at risk as Iran-Israel war chokes gas supplies, straining supply chains
Repeats earlier story with no changes to the text
India most exposed to conflict due to energy reliance on Gulf nations
Suppliers to Maruti, Tata, Mahindra warn gas shortages to hit production
S&P cuts India's 2026 light vehicle production forecast to 6.3% from 7.4% earlier
Disruption comes as car sales in India touch record high
By Aditi Shah
NEW DELHI, March 19 (Reuters) - India's automakers and parts suppliers are bracing for production slowdowns and assembly-line disruptions as the Iran conflict chokes gas availability, threatening growth in the world's third-largest car market.
Some parts suppliers to India's leading carmakers like Maruti Suzuki, Tata Motors and Mahindra are already reporting a shortage of gas to power operations, an early sign that supply chain issues are developing, according to two dozen executives at car companies, part makers and dealers.
The disruption comes at a time when India's car demand is soaring to record levels, with sales expected to cross 4.5 million units in the current fiscal year to March 31, leaving little excess inventory with manufacturers and dealers.
"At this point in time it is about survival. First and foremost we need to ensure production continues. The buffer stocks will not last long," said a senior executive with a leading carmaker.
INDIA MOST EXPOSED TO WEST ASIA CONFLICT
India relies heavily on the Middle East for energy supplies, importing 50% of its natural gas needs mostly from Qatar, which has been forced to shut its refinery after a wave of Iranian attacks.
Shipments of oil and gas through the Strait of Hormuz have also tanked after Iranian attacks on vessels.
While India is working to secure gas from the U.S., Norway and Russia, the government has prioritised supplies for homes over factories. In auto sector plants, the fuel is critical to high-heat processes like forging and casting, and in the paint shop.
Suppliers Reuters spoke to in India's western and northern car manufacturing belts said production will be managed until end-March. But the stress in the system is showing, with at least four executives saying Tata and Mahindra are operating some factories below capacity.
Mahindra said in a statement that the company has not lost any production this month versus its "plan to date", while a spokesperson for Tata Motors said operations at its plants are "near normal".
Tata said it is working with suppliers to ensure continuity and optimising production where required.
Small and medium manufacturing units, which form the car industry's backbone, are most vulnerable, as they rely more on gas and are unable to switch to other sources quickly.
Kirloskar Ferrous KRFI.BO, a supplier of iron castings, told an Indian stock exchange this week it has stopped some production at a factory in Western India "until further notice".
Metal producer Hindalco HALC.NS declared force majeure to some of its customers last week, warning them of potential disruptions amid gas shortages.
Both companies count Mahindra as a customer. Mahindra did not offer a direct comment about the two suppliers, but said its teams are working on the supply chain and taking action as needed.
CARMAKERS YET TO OFFICIALLY CUT PRODUCTION SCHEDULES
Automakers are operating in a state of high-alert diplomacy with their suppliers to keep assembly lines moving, and have not officially cut production schedules yet.
"We have received some information about challenges in energy supply for our in-house and our suppliers' production operations," said Rahul Bharti, senior executive officer for corporate affairs at Maruti MRTI.NS, India's biggest carmaker.
"As of now, our operations are running as per plan," he told Reuters.
S&P Global Mobility has already begun slashing its India outlook, now forecasting 6.3% growth in light vehicle production for 2026, down from 7.4% projected before the war.
"Depending on when the conflict ends, we may need to further revise the forecast," said S&P's Gaurav Vangaal.
(Reporting by Aditi Shah; Editing by Jan Harvey)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Repeats earlier story with no changes to the text
India most exposed to conflict due to energy reliance on Gulf nations
Suppliers to Maruti, Tata, Mahindra warn gas shortages to hit production
S&P cuts India's 2026 light vehicle production forecast to 6.3% from 7.4% earlier
Disruption comes as car sales in India touch record high
By Aditi Shah
NEW DELHI, March 19 (Reuters) - India's automakers and parts suppliers are bracing for production slowdowns and assembly-line disruptions as the Iran conflict chokes gas availability, threatening growth in the world's third-largest car market.
Some parts suppliers to India's leading carmakers like Maruti Suzuki, Tata Motors and Mahindra are already reporting a shortage of gas to power operations, an early sign that supply chain issues are developing, according to two dozen executives at car companies, part makers and dealers.
The disruption comes at a time when India's car demand is soaring to record levels, with sales expected to cross 4.5 million units in the current fiscal year to March 31, leaving little excess inventory with manufacturers and dealers.
"At this point in time it is about survival. First and foremost we need to ensure production continues. The buffer stocks will not last long," said a senior executive with a leading carmaker.
INDIA MOST EXPOSED TO WEST ASIA CONFLICT
India relies heavily on the Middle East for energy supplies, importing 50% of its natural gas needs mostly from Qatar, which has been forced to shut its refinery after a wave of Iranian attacks.
Shipments of oil and gas through the Strait of Hormuz have also tanked after Iranian attacks on vessels.
While India is working to secure gas from the U.S., Norway and Russia, the government has prioritised supplies for homes over factories. In auto sector plants, the fuel is critical to high-heat processes like forging and casting, and in the paint shop.
Suppliers Reuters spoke to in India's western and northern car manufacturing belts said production will be managed until end-March. But the stress in the system is showing, with at least four executives saying Tata and Mahindra are operating some factories below capacity.
Mahindra said in a statement that the company has not lost any production this month versus its "plan to date", while a spokesperson for Tata Motors said operations at its plants are "near normal".
Tata said it is working with suppliers to ensure continuity and optimising production where required.
Small and medium manufacturing units, which form the car industry's backbone, are most vulnerable, as they rely more on gas and are unable to switch to other sources quickly.
Kirloskar Ferrous KRFI.BO, a supplier of iron castings, told an Indian stock exchange this week it has stopped some production at a factory in Western India "until further notice".
Metal producer Hindalco HALC.NS declared force majeure to some of its customers last week, warning them of potential disruptions amid gas shortages.
Both companies count Mahindra as a customer. Mahindra did not offer a direct comment about the two suppliers, but said its teams are working on the supply chain and taking action as needed.
CARMAKERS YET TO OFFICIALLY CUT PRODUCTION SCHEDULES
Automakers are operating in a state of high-alert diplomacy with their suppliers to keep assembly lines moving, and have not officially cut production schedules yet.
"We have received some information about challenges in energy supply for our in-house and our suppliers' production operations," said Rahul Bharti, senior executive officer for corporate affairs at Maruti MRTI.NS, India's biggest carmaker.
"As of now, our operations are running as per plan," he told Reuters.
S&P Global Mobility has already begun slashing its India outlook, now forecasting 6.3% growth in light vehicle production for 2026, down from 7.4% projected before the war.
"Depending on when the conflict ends, we may need to further revise the forecast," said S&P's Gaurav Vangaal.
(Reporting by Aditi Shah; Editing by Jan Harvey)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
India's Hindalco rises after brokerage says gas disruption impact likely limited
** Hindalco Industries HALC.NS shares jump more than 3% to 938.20 rupees vs 0.14% rise in Nifty Metal .NIFTYMET index
** J.P.Morgan expects limited financial impact of gas supply disruptions on aluminium extrusion
** HALC issued force majeure notice to customers after gas supply disruptions linked to Mideast conflict
** Brokerage estimates extrusion products account for about 19% of co's downstream aluminium capacity, says overall earnings impact could be less than 1%
** Notes co's upstream aluminium and copper smelting ops unaffected
** Trading volume at 6.33 mln shares so far vs 6.41 mln shares 30-day avg
** HALC rated "hold" on avg by 28 analysts, median PT 918 rupees - data compiled by LSEG
** YTD, stock up 2.6% vs sub-index's 1.3% rise
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
** Hindalco Industries HALC.NS shares jump more than 3% to 938.20 rupees vs 0.14% rise in Nifty Metal .NIFTYMET index
** J.P.Morgan expects limited financial impact of gas supply disruptions on aluminium extrusion
** HALC issued force majeure notice to customers after gas supply disruptions linked to Mideast conflict
** Brokerage estimates extrusion products account for about 19% of co's downstream aluminium capacity, says overall earnings impact could be less than 1%
** Notes co's upstream aluminium and copper smelting ops unaffected
** Trading volume at 6.33 mln shares so far vs 6.41 mln shares 30-day avg
** HALC rated "hold" on avg by 28 analysts, median PT 918 rupees - data compiled by LSEG
** YTD, stock up 2.6% vs sub-index's 1.3% rise
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
Hindalco halts production of extruded aluminium products due to Iran war, notice says
Adds Hindalco statement in para 3-6
NEW DELHI, March 15 (Reuters) - India's Hindalco Industries HALC.NS has halted output of extruded aluminium, a value-added aluminium product, due to a gas shortage in the wake of supply disruptions in the Middle East, according to a company notice seen by Reuters and two sources.
The Aditya Birla Group-owned metals producer declared force majeure to all of its extruded aluminium customers on March 11, the notice showed.
Hindalco denied any halt to output for its extrusions business in a statement to Reuters.
However, the company said that it had issued a communication to extrusion customers after a force majeure declaration by certain gas suppliers and that it was a "routine business intimation regarding a potential supply disruption in a segment of the extrusions business."
The aluminium extrusions segment constitutes a small portion of Hindalco’s production capacity, the company added, and the potential impact is currently limited to less than 0.1% of its overall operations.
"All other downstream, and upstream operations including primary aluminium, continue to operate normally, supported by captive power and alternate energy arrangements," Hindalco said.
Extruded aluminium is used in construction, electric vehicles, electronics and solar panels.
India is reeling under its worst gas crisis in decades due to the U.S.-Israeli war on Iran, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
"Hindalco has taken and continues to take all reasonable steps to mitigate the impact of the force majeure event," the company said in the notice.
Hindalco's aluminium smelters, however, remain operational, according to the sources, who declined to be identified because they were not authorised to speak to media.
(Reporting by Neha Arora; Editing by Jamie Freed and Joe Bavier)
((neha.dasgupta@tr.com; X: neha_5;))
Adds Hindalco statement in para 3-6
NEW DELHI, March 15 (Reuters) - India's Hindalco Industries HALC.NS has halted output of extruded aluminium, a value-added aluminium product, due to a gas shortage in the wake of supply disruptions in the Middle East, according to a company notice seen by Reuters and two sources.
The Aditya Birla Group-owned metals producer declared force majeure to all of its extruded aluminium customers on March 11, the notice showed.
Hindalco denied any halt to output for its extrusions business in a statement to Reuters.
However, the company said that it had issued a communication to extrusion customers after a force majeure declaration by certain gas suppliers and that it was a "routine business intimation regarding a potential supply disruption in a segment of the extrusions business."
The aluminium extrusions segment constitutes a small portion of Hindalco’s production capacity, the company added, and the potential impact is currently limited to less than 0.1% of its overall operations.
"All other downstream, and upstream operations including primary aluminium, continue to operate normally, supported by captive power and alternate energy arrangements," Hindalco said.
Extruded aluminium is used in construction, electric vehicles, electronics and solar panels.
India is reeling under its worst gas crisis in decades due to the U.S.-Israeli war on Iran, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
"Hindalco has taken and continues to take all reasonable steps to mitigate the impact of the force majeure event," the company said in the notice.
Hindalco's aluminium smelters, however, remain operational, according to the sources, who declined to be identified because they were not authorised to speak to media.
(Reporting by Neha Arora; Editing by Jamie Freed and Joe Bavier)
((neha.dasgupta@tr.com; X: neha_5;))
India's JSW Steel secures coking coal mining project in Mozambique - statement
.
March 14 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has secured a coking coal mining project in Mozambique, the company said in a statement late Friday, to ensure long-term supply of the key input for steel production.
The Mozambique project has 850 million metric tons of coking coal reserves and the mine will be developed in phases, as per the company statement.
"The first phase expected to be developed over the next two and a half years to produce 2.4 million tons per annum prime hard coking coal," the company said.
(Reporting by Shivangi Acharya; Editing by Stephen Coates)
((shivangi.acharyaHritam.Mukherjee@thomsonreuters.com))
.
March 14 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has secured a coking coal mining project in Mozambique, the company said in a statement late Friday, to ensure long-term supply of the key input for steel production.
The Mozambique project has 850 million metric tons of coking coal reserves and the mine will be developed in phases, as per the company statement.
"The first phase expected to be developed over the next two and a half years to produce 2.4 million tons per annum prime hard coking coal," the company said.
(Reporting by Shivangi Acharya; Editing by Stephen Coates)
((shivangi.acharyaHritam.Mukherjee@thomsonreuters.com))
Shipwaves Online Secures 15.6 Million Rupees Logistics Digitalization Order From Hindalco Industries
March 13 (Reuters) - Hindalco Industries Ltd HALC.NS:
SECURES 15.6 MILLION RUPEES LOGISTICS DIGITALIZATION ORDER FROM HINDALCO INDUSTRIES
Source text: ID:nBSE8m4Jz1
Further company coverage: HALC.NS
March 13 (Reuters) - Hindalco Industries Ltd HALC.NS:
SECURES 15.6 MILLION RUPEES LOGISTICS DIGITALIZATION ORDER FROM HINDALCO INDUSTRIES
Source text: ID:nBSE8m4Jz1
Further company coverage: HALC.NS
India's Aditya Birla Group restarts iron ore business, sources say
By Amy Lv and Neha Arora
BEIJING/NEW DELHI, March 6 (Reuters) - Indian commodities trading house Aditya Birla Global Trading is restarting its iron ore operations, three sources familiar with the matter said, as other traders exit the market due to record-low volatility.
The Singapore-headquartered company, part of India's conglomerate Aditya Birla Group, which also owns aluminium producer Hindalco HALC.NS, trades agriculture, energy and metals but not iron ore, according to its website.
The company suspended its iron ore business in 2022 and is returning to focus on the Chinese market to diversify its portfolio and reduce risk, according to two of the sources. All the sources spoke on condition of anonymity as they are not authorised to speak to media.
Energy traders are increasingly moving into metals trading to capitalise on buoyant markets such as aluminium and copper, but iron ore has not benefited from the new enthusiasm because of falling volatility.
Prices have been fluctuating less in China's giant $132 billion iron ore market over the past few years as state iron ore buyer, China Minerals Resources Group, consolidates purchasing and tries to suppress volatility.
Aditya Birla Global Trading and Aditya Birla Group did not respond to questions from Reuters.
(Reporting by Amy Lv in Beijing and Neha Arora in New Delhi; Editing by Lewis Jackson and Jacqueline Wong)
By Amy Lv and Neha Arora
BEIJING/NEW DELHI, March 6 (Reuters) - Indian commodities trading house Aditya Birla Global Trading is restarting its iron ore operations, three sources familiar with the matter said, as other traders exit the market due to record-low volatility.
The Singapore-headquartered company, part of India's conglomerate Aditya Birla Group, which also owns aluminium producer Hindalco HALC.NS, trades agriculture, energy and metals but not iron ore, according to its website.
The company suspended its iron ore business in 2022 and is returning to focus on the Chinese market to diversify its portfolio and reduce risk, according to two of the sources. All the sources spoke on condition of anonymity as they are not authorised to speak to media.
Energy traders are increasingly moving into metals trading to capitalise on buoyant markets such as aluminium and copper, but iron ore has not benefited from the new enthusiasm because of falling volatility.
Prices have been fluctuating less in China's giant $132 billion iron ore market over the past few years as state iron ore buyer, China Minerals Resources Group, consolidates purchasing and tries to suppress volatility.
Aditya Birla Global Trading and Aditya Birla Group did not respond to questions from Reuters.
(Reporting by Amy Lv in Beijing and Neha Arora in New Delhi; Editing by Lewis Jackson and Jacqueline Wong)
Indian metal stocks gain on aluminium rally; Hindalco leads
Updates
** Indian metal stocks .NIFTYMET gain 3.5%, tracking a surge in global prices
** Sub-index biggest gainer among sectoral indexes
** Aluminium extends gains on supply fears after Aluminium Bahrain ALBH.BH, one of world's biggest aluminium smelters, declares force majeure, halting shipments as Strait of Hormuz faces near-total shipping freeze MET/L
** Shanghai aluminium SAFcv1 adds 3.55% to 25,365 yuan/ton by 0215 GMT
** LME three-month aluminium CMAL3 up 0.81% at $3,369.50/ton after touching nearly four-year high on Wednesday
** Hindalco HALC.NS leads gains in NIFTYMET, blue-chip Nifty 50 .NSEI, which is up 0.8%
** HALC jumps 6.5% to 982 rupees; set for best day since April 11, 2025
** HSBC says higher LME aluminium positive for co
** Stock rated "hold" on average; median PT is 913 rupees, per data compiled by LSEG
** YTD, NIFTYMET up ~9%; Hindalco up 10%
(Reporting by Komal Salecha, Yagnoseni Das in Bengaluru)
Updates
** Indian metal stocks .NIFTYMET gain 3.5%, tracking a surge in global prices
** Sub-index biggest gainer among sectoral indexes
** Aluminium extends gains on supply fears after Aluminium Bahrain ALBH.BH, one of world's biggest aluminium smelters, declares force majeure, halting shipments as Strait of Hormuz faces near-total shipping freeze MET/L
** Shanghai aluminium SAFcv1 adds 3.55% to 25,365 yuan/ton by 0215 GMT
** LME three-month aluminium CMAL3 up 0.81% at $3,369.50/ton after touching nearly four-year high on Wednesday
** Hindalco HALC.NS leads gains in NIFTYMET, blue-chip Nifty 50 .NSEI, which is up 0.8%
** HALC jumps 6.5% to 982 rupees; set for best day since April 11, 2025
** HSBC says higher LME aluminium positive for co
** Stock rated "hold" on average; median PT is 913 rupees, per data compiled by LSEG
** YTD, NIFTYMET up ~9%; Hindalco up 10%
(Reporting by Komal Salecha, Yagnoseni Das in Bengaluru)
Hindalco Says U.S. Government Shutdown Impacts CFIUS Review Process
Feb 26 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO - U.S. GOVERNMENT SHUTDOWN IMPACTS CFIUS REVIEW PROCESS
HINDALCO - CFIUS REVIEW AND DEAL TEMPORARILY HALTED
HINDALCO - COMMITTEE ON FOREIGN INVESTMENT IN US REVIEW IN CONNECTION WITH ALUCHEM COMPANIES ACQUISITION TEMPORARILY HALTED
Source text: ID:nBSE9PrxYM
Further company coverage: HALC.NS
Feb 26 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO - U.S. GOVERNMENT SHUTDOWN IMPACTS CFIUS REVIEW PROCESS
HINDALCO - CFIUS REVIEW AND DEAL TEMPORARILY HALTED
HINDALCO - COMMITTEE ON FOREIGN INVESTMENT IN US REVIEW IN CONNECTION WITH ALUCHEM COMPANIES ACQUISITION TEMPORARILY HALTED
Source text: ID:nBSE9PrxYM
Further company coverage: HALC.NS
India's Hindalco Industries rises after AV Minerals buys Novelis shares
** Shares of Hindalco Industries Ltd HALC.NS rise as much as 2.5% to 946 rupees
** Co's unit AV Minerals agreed to purchase 1.3 mln of Novelis’common shares for $200 mln
** Stock on track to gain for 2nd straight day
** Mean rating by 28 analysts who cover the stock is 'hold'; median PT is 913 rupees -- data compiled by LSEG
** HALC last up 2%, adding to YTD gains of 4.1%
(Reporting by Meenakshi Maidas in Bengaluru)
** Shares of Hindalco Industries Ltd HALC.NS rise as much as 2.5% to 946 rupees
** Co's unit AV Minerals agreed to purchase 1.3 mln of Novelis’common shares for $200 mln
** Stock on track to gain for 2nd straight day
** Mean rating by 28 analysts who cover the stock is 'hold'; median PT is 913 rupees -- data compiled by LSEG
** HALC last up 2%, adding to YTD gains of 4.1%
(Reporting by Meenakshi Maidas in Bengaluru)
Hindalco Says Novelis Enters Subscription Agreement With AV Minerals
Feb 24 (Reuters) - Hindalco Industries Ltd HALC.NS:
NOVELIS ENTERS SUBSCRIPTION AGREEMENT WITH AV MINERALS
AV MINERALS TO BUY 1.3 MILLION NOVELIS SHARES FOR $200 MILLION
Source text: ID:nBSEc5GZtd
Further company coverage: HALC.NS
Feb 24 (Reuters) - Hindalco Industries Ltd HALC.NS:
NOVELIS ENTERS SUBSCRIPTION AGREEMENT WITH AV MINERALS
AV MINERALS TO BUY 1.3 MILLION NOVELIS SHARES FOR $200 MILLION
Source text: ID:nBSEc5GZtd
Further company coverage: HALC.NS
Embraer And Hindalco Sign MoU To Assess Potential Aluminium Business Opportunities In Aerospace- Statement
Feb 20 (Reuters) - Embraer SA EMBJ3.SA:
EMBRAER AND HINDALCO SIGN MOU TO ASSESS POTENTIAL ALUMINIUM BUSINESS OPPORTUNITIES IN AEROSPACE- STATEMENT
Further company coverage: EMBJ3.SA
Feb 20 (Reuters) - Embraer SA EMBJ3.SA:
EMBRAER AND HINDALCO SIGN MOU TO ASSESS POTENTIAL ALUMINIUM BUSINESS OPPORTUNITIES IN AEROSPACE- STATEMENT
Further company coverage: EMBJ3.SA
HBSC sees impact of Oswego fire on India's Hindalco easing; retains 'Buy'
** Aditya Birla Group-owned metals producer Hindalco HALC.NS up 0.4% to 890.1 rupees
** HBSC retains "Buy"; keeps PT unchanged at 1,210 rupees
** Calls negative stock reaction to Novelis's Oswego fire, consolidated debt increase excessive
** Co posts 45% y/y fall in Q3 profit, hurt by expenses linked to fire-related disruptions at its U.S. unit Novelis last year
** Notes while March quarter could be another weak one for Novelis, net debt should decline from H2 FY27
** Believes large part of Oswego fire impact seen in Q3; impact will sequentially lessen in upcoming quarters as restart progresses
** Stock rated "Hold" on average; median PT is 913 rupees, per data compiled by LSEG
** YTD, HALC up 0.8%
(Reporting by Mridula Kumar in Bengaluru)
** Aditya Birla Group-owned metals producer Hindalco HALC.NS up 0.4% to 890.1 rupees
** HBSC retains "Buy"; keeps PT unchanged at 1,210 rupees
** Calls negative stock reaction to Novelis's Oswego fire, consolidated debt increase excessive
** Co posts 45% y/y fall in Q3 profit, hurt by expenses linked to fire-related disruptions at its U.S. unit Novelis last year
** Notes while March quarter could be another weak one for Novelis, net debt should decline from H2 FY27
** Believes large part of Oswego fire impact seen in Q3; impact will sequentially lessen in upcoming quarters as restart progresses
** Stock rated "Hold" on average; median PT is 913 rupees, per data compiled by LSEG
** YTD, HALC up 0.8%
(Reporting by Mridula Kumar in Bengaluru)
India's Hindalco Industries falls on quarterly profit drop
** Hindalco Industries' HALC.NS shares fall about 5% to 915.80 rupees vs Nifty Metal's .NIFTYMET 3% rise
** Aditya Birla Group-owned metals producer reported 45% Q3 profit drop y/y, driven by expenses linked to fire-related disruptions at U.S. unit Novelis
** Citi (cuts to "neutral", 1,000 rupees) says Novelis disruption, higher cash flow impact and rising net debt offset structural aluminium upcycle despite stable India upstream performance
** CLSA ("outperform", 964.30 rupees) also points to weaker Novelis earnings, higher costs, negative hedging impact
** Stock rated "hold" on average by 28 analysts, median PT at 875 rupees - LSEG-compiled data
** HALC up about 8.8% so far in 2026 vs sub-index 6.6% rise
($1 = 90.6550 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
** Hindalco Industries' HALC.NS shares fall about 5% to 915.80 rupees vs Nifty Metal's .NIFTYMET 3% rise
** Aditya Birla Group-owned metals producer reported 45% Q3 profit drop y/y, driven by expenses linked to fire-related disruptions at U.S. unit Novelis
** Citi (cuts to "neutral", 1,000 rupees) says Novelis disruption, higher cash flow impact and rising net debt offset structural aluminium upcycle despite stable India upstream performance
** CLSA ("outperform", 964.30 rupees) also points to weaker Novelis earnings, higher costs, negative hedging impact
** Stock rated "hold" on average by 28 analysts, median PT at 875 rupees - LSEG-compiled data
** HALC up about 8.8% so far in 2026 vs sub-index 6.6% rise
($1 = 90.6550 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
PREVIEW-India's Hindalco Industries slides ahead of quarterly results
** Shares of India's Hindalco Industries HALC.NS slide 1.1% to 955.70 rupees, ahead of third quarter results
** Street to watch impact of fire-related disruption at co's US subsidiary Novelis, a key earnings driver
** Co said on Wednesday the fire at Novelis' New York plant last year could hit 2026 cash flow by $1.3 bln–$1.6 bln, and restart is expected toward the second-quarter end
** Jefferies ("hold", PT:855 rupees) estimates fire disruption likely weighed on Novelis' December-quarter performance, with idle capacity, higher cost,s and lower shipments
** Ambit Capital("Sell", PT:730 rupees) flags earnings pressure from repair expenses, fixed costs, and supply disruption linked to plant outage
** Stock rated "hold" on average by 28 analysts, median PT at 868 rupees - LSEG data
** HALC gained 47.2% in 2025, stock up about 9% so far in 2026
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of India's Hindalco Industries HALC.NS slide 1.1% to 955.70 rupees, ahead of third quarter results
** Street to watch impact of fire-related disruption at co's US subsidiary Novelis, a key earnings driver
** Co said on Wednesday the fire at Novelis' New York plant last year could hit 2026 cash flow by $1.3 bln–$1.6 bln, and restart is expected toward the second-quarter end
** Jefferies ("hold", PT:855 rupees) estimates fire disruption likely weighed on Novelis' December-quarter performance, with idle capacity, higher cost,s and lower shipments
** Ambit Capital("Sell", PT:730 rupees) flags earnings pressure from repair expenses, fixed costs, and supply disruption linked to plant outage
** Stock rated "hold" on average by 28 analysts, median PT at 868 rupees - LSEG data
** HALC gained 47.2% in 2025, stock up about 9% so far in 2026
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
India's Hindalco sees up to $1.6 billion impact from fire at unit's New York plant
Adds details and background
Feb 11 (Reuters) - India's Hindalco HALC.NS said on Wednesday the fire at the New York plant of its U.S. unit, Novelis, will hit the miner's 2026 cash flow by $1.3 billion to $1.6 billion, and that it aims to restart the mill toward the end of the second quarter.
Earlier in the day, Ford Motor F.N flagged that it saw lower production in the fourth quarter due to the Novelis fires, with a partial recovery expected in 2026.
Reuters reported last week that aluminium production at Novelis has not fully resumed, more than four months after a fire disrupted supplies.
Hindalco had said in November that the incident would hit cash flow by $550 million to $650 million, adding that no one was injured and the blaze was contained to the hot mill.
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Adds details and background
Feb 11 (Reuters) - India's Hindalco HALC.NS said on Wednesday the fire at the New York plant of its U.S. unit, Novelis, will hit the miner's 2026 cash flow by $1.3 billion to $1.6 billion, and that it aims to restart the mill toward the end of the second quarter.
Earlier in the day, Ford Motor F.N flagged that it saw lower production in the fourth quarter due to the Novelis fires, with a partial recovery expected in 2026.
Reuters reported last week that aluminium production at Novelis has not fully resumed, more than four months after a fire disrupted supplies.
Hindalco had said in November that the incident would hit cash flow by $550 million to $650 million, adding that no one was injured and the blaze was contained to the hot mill.
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
BHEL Receives LoI From Hindalco Industries
Feb 4 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:
BHEL - RECEIVES LOI FROM HINDALCO INDUSTRIES
BHEL - ORDER SIZE VALUED AT ABOUT 12 TO 15 BILLION RUPEES
Source text: ID:nBSE2kg1Y5
Further company coverage: BHEL.NS
Feb 4 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:
BHEL - RECEIVES LOI FROM HINDALCO INDUSTRIES
BHEL - ORDER SIZE VALUED AT ABOUT 12 TO 15 BILLION RUPEES
Source text: ID:nBSE2kg1Y5
Further company coverage: BHEL.NS
Hindalco Announces 210 Bln Rupees Smelter Expansion In Odisha
Jan 27 (Reuters) - Hindalco Industries Ltd HALC.NS:
ANNOUNCES 210 BLN RUPEES SMELTER EXPANSION IN ODISHA
PROJECTS EXPECTED TO CREATE OVER 15,000 JOBS
COMMISSIONS FRP AND BATTERY FOIL FACILITIES IN ODISHA
PLANS 370 BILLION RUPEES CAPEX FOR ODISHA
Further company coverage: HALC.NS
Jan 27 (Reuters) - Hindalco Industries Ltd HALC.NS:
ANNOUNCES 210 BLN RUPEES SMELTER EXPANSION IN ODISHA
PROJECTS EXPECTED TO CREATE OVER 15,000 JOBS
COMMISSIONS FRP AND BATTERY FOIL FACILITIES IN ODISHA
PLANS 370 BILLION RUPEES CAPEX FOR ODISHA
Further company coverage: HALC.NS
Novelis Inc Enters Subscription Agreement With AV Minerals For $750 Mln
Dec 29 (Reuters) - Novelis Inc:
NOVELIS INC: ON DEC 23, CO ENTERED SUBSCRIPTION AGREEMENT WITH AV MINERALS - SEC FILING
NOVELIS INC: AV MINERALS AGREED TO PURCHASE 5 MILLION OF CO'S COMMON SHARES FOR $750 MILLION - SEC FILING
Source text: [ID:n0001304280-25-000058]
Further company coverage: HALC.NS
Dec 29 (Reuters) - Novelis Inc:
NOVELIS INC: ON DEC 23, CO ENTERED SUBSCRIPTION AGREEMENT WITH AV MINERALS - SEC FILING
NOVELIS INC: AV MINERALS AGREED TO PURCHASE 5 MILLION OF CO'S COMMON SHARES FOR $750 MILLION - SEC FILING
Source text: [ID:n0001304280-25-000058]
Further company coverage: HALC.NS
India's Hindalco drops on Novelis woes, capex blowout concerns
** Hindalco Industries HALC.NS stock drops 6.4% to 778.1 rupees
** Subsidiary Novelis' September-quarter adjusted EBITDA falls 9% YoY; raises greenfield plant capex guidance to $5 bln
** Fire at Novelis' New York plant to impact Hindalco's cash flow by $550-650 mln
** Ambit cites "litany of concerns after another capex blowout"
** Jefferies notes Novelis' net debt at 21-quarter high, set to rise further with higher capex amid rising aluminium prices, fire impact
** Hindalco to report earnings on November 7
** Trading volume at 9.2 mln shares in <1 hour, nearly 2x 30-day avg
** 27 analysts, on avg, rate HALC "buy"; median PT at 775 rupees - data compiled by LSEG
** YTD, HALC up 29%
(Reporting by Vivek Kumar M)
** Hindalco Industries HALC.NS stock drops 6.4% to 778.1 rupees
** Subsidiary Novelis' September-quarter adjusted EBITDA falls 9% YoY; raises greenfield plant capex guidance to $5 bln
** Fire at Novelis' New York plant to impact Hindalco's cash flow by $550-650 mln
** Ambit cites "litany of concerns after another capex blowout"
** Jefferies notes Novelis' net debt at 21-quarter high, set to rise further with higher capex amid rising aluminium prices, fire impact
** Hindalco to report earnings on November 7
** Trading volume at 9.2 mln shares in <1 hour, nearly 2x 30-day avg
** 27 analysts, on avg, rate HALC "buy"; median PT at 775 rupees - data compiled by LSEG
** YTD, HALC up 29%
(Reporting by Vivek Kumar M)
Hindustan Construction Company Wins 2.04 Billion Rupees Hindalco Contract
Oct 10 (Reuters) - Hindustan Construction Company HCNS.NS:
WINS 2.04 BILLION RUPEES HINDALCO CONTRACT
Source text: ID:nBSEbDmJ96
Further company coverage: HCNS.NS
Oct 10 (Reuters) - Hindustan Construction Company HCNS.NS:
WINS 2.04 BILLION RUPEES HINDALCO CONTRACT
Source text: ID:nBSEbDmJ96
Further company coverage: HCNS.NS
India's Hindalco falls after fire halts production at US unit
** Shares of Hindalco HALC.NS fall ~1% to 744.50 rupees
** The miner said a fire halts production at aluminium recycling unit Novelis in Oswego, New York
** Co says the incident occurred on September 16 and no injuries were reported
** HALC, the second-heaviest stock in the Nifty Metal index .NIFTYMET with a 16% weight, drags the sub-index down 0.3%
** Last month, U.S. unit Novelis reported a 36% Y/Y fall in first-quarter net profit to $96 million due to higher scrap metal prices
** Twenty-seven analysts covering HALC have a "buy" rating on avg; median PT is 744.50 rupees - data compiled by LSEG
** YTD, Hindalco stock has gained 23%, outperforms metals index's .NIFTYMET 14.2% climb
(Reporting by Urvi Dugar)
** Shares of Hindalco HALC.NS fall ~1% to 744.50 rupees
** The miner said a fire halts production at aluminium recycling unit Novelis in Oswego, New York
** Co says the incident occurred on September 16 and no injuries were reported
** HALC, the second-heaviest stock in the Nifty Metal index .NIFTYMET with a 16% weight, drags the sub-index down 0.3%
** Last month, U.S. unit Novelis reported a 36% Y/Y fall in first-quarter net profit to $96 million due to higher scrap metal prices
** Twenty-seven analysts covering HALC have a "buy" rating on avg; median PT is 744.50 rupees - data compiled by LSEG
** YTD, Hindalco stock has gained 23%, outperforms metals index's .NIFTYMET 14.2% climb
(Reporting by Urvi Dugar)
India's Hindalco jumps, analysts see higher aluminium prices supporting margins
** Shares of aluminium and copper producer Hindalco Industries HALC.NS rise 5% to 700.20 rupees
** Brokerage Jefferies says higher aluminium prices to support India aluminium margins for HALC, but Novelis margins to remain under pressure amid weak auto demand and US tariffs
** CLSA says medium-term outlook is robust with high captive coal sourcing, downstream volume, alumina sales and expansion of copper recycling projects
** Adds, Q2 profitability is likely to be impacted by a rise in costs but should be partly offset by higher metal prices
** HALC posted a 30.3% Y/Y rise in consol net profit at 40.04 bln rupees ($457 mln) for Q1
** HALC up ~16% YTD
($1 = 87.6187 Indian rupees)
(Reporting by Vijay Malkar)
** Shares of aluminium and copper producer Hindalco Industries HALC.NS rise 5% to 700.20 rupees
** Brokerage Jefferies says higher aluminium prices to support India aluminium margins for HALC, but Novelis margins to remain under pressure amid weak auto demand and US tariffs
** CLSA says medium-term outlook is robust with high captive coal sourcing, downstream volume, alumina sales and expansion of copper recycling projects
** Adds, Q2 profitability is likely to be impacted by a rise in costs but should be partly offset by higher metal prices
** HALC posted a 30.3% Y/Y rise in consol net profit at 40.04 bln rupees ($457 mln) for Q1
** HALC up ~16% YTD
($1 = 87.6187 Indian rupees)
(Reporting by Vijay Malkar)
Hindalco Industries Q1 Consol Net Profit At 40.04 Billion Rupees
Aug 12 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES Q1 CONSOL NET PROFIT 40.04 BILLION RUPEES; IBES EST. 38.33 BILLION RUPEES
HINDALCO INDUSTRIES Q1 CONSOL REVENUE FROM OPERATIONS 642.32 BILLION RUPEES; IBES EST. 597.17 BILLION RUPEES
Further company coverage: HALC.NS
Aug 12 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES Q1 CONSOL NET PROFIT 40.04 BILLION RUPEES; IBES EST. 38.33 BILLION RUPEES
HINDALCO INDUSTRIES Q1 CONSOL REVENUE FROM OPERATIONS 642.32 BILLION RUPEES; IBES EST. 597.17 BILLION RUPEES
Further company coverage: HALC.NS
Novelis Announces Pricing Of Offering Of Senior Notes Due August 2033
Aug 12 (Reuters) - Novelis Corp [RIC:RIC:NVLXC.UL]:
NOVELIS ANNOUNCES PRICING OF OFFERING OF SENIOR NOTES DUE AUGUST 2033
NOVELIS CORP - PRICED AN OFFERING OF $750 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.375% SENIOR NOTES DUE IN AUGUST 2033
Source text: ID:nPnB7bCza
Further company coverage: NVLXC.UL
Aug 12 (Reuters) - Novelis Corp [RIC:RIC:NVLXC.UL]:
NOVELIS ANNOUNCES PRICING OF OFFERING OF SENIOR NOTES DUE AUGUST 2033
NOVELIS CORP - PRICED AN OFFERING OF $750 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.375% SENIOR NOTES DUE IN AUGUST 2033
Source text: ID:nPnB7bCza
Further company coverage: NVLXC.UL
India to discuss impact of U.S. tariff on copper, minister says
July 9 (Reuters) - India will discuss the impact of U.S. tariff on copper, mines minister Kishan Reddy said at an event in New Delhi on Wednesday.
(Reporting by Neha Arora in New Delhi; Editing by Sumana Nandy)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
July 9 (Reuters) - India will discuss the impact of U.S. tariff on copper, mines minister Kishan Reddy said at an event in New Delhi on Wednesday.
(Reporting by Neha Arora in New Delhi; Editing by Sumana Nandy)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
India's Hindalco logs biggest weekly gain in nearly four months
** Indian copper and aluminum producer Hindalco HALC.NS up 7.4% this week, its biggest weekly gain since early March
** Earlier this week, co said it will acquire U.S.-based specialty alumina firm AluChem Companies, for an enterprise value of $125 million
** Co's specialty alumina business delivered consistent double-digit growth in recent years and has emerged as high-growth, high-margin business for co- HALC
** Stock rated "buy" on avg, median PT at 746 rupees - LSEG data
** HALC up 0.8% on the day; it has gained ~15% so far this year
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
** Indian copper and aluminum producer Hindalco HALC.NS up 7.4% this week, its biggest weekly gain since early March
** Earlier this week, co said it will acquire U.S.-based specialty alumina firm AluChem Companies, for an enterprise value of $125 million
** Co's specialty alumina business delivered consistent double-digit growth in recent years and has emerged as high-growth, high-margin business for co- HALC
** Stock rated "buy" on avg, median PT at 746 rupees - LSEG data
** HALC up 0.8% on the day; it has gained ~15% so far this year
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
Hindalco Industries To Buy 100% Stake In Aluchem Companies
June 24 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES LTD - TO BUY 100% STAKE IN ALUCHEM COMPANIES
HINDALCO INDUSTRIES LTD - DEAL ENTERPRISE VALUE IS $125 MILLION
Further company coverage: HALC.NS
June 24 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES LTD - TO BUY 100% STAKE IN ALUCHEM COMPANIES
HINDALCO INDUSTRIES LTD - DEAL ENTERPRISE VALUE IS $125 MILLION
Further company coverage: HALC.NS
Street View: Lower commodity prices, Novelis risks to weigh on Hindalco's Q1FY26
** Aluminum and copper miner Hindalco HALC.NS reported fourth-quarter profit ahead of analysts' estimates on Tuesday on higher commodity prices, which led to its upstream unit posting record core profit
** Prices of commodities "slightly on the lower side currently" due to global uncertainties, CEO Satish Pai said in a post-earnings call
** Stock oscillating between gains and losses on the day, last up 0.3%
PROFITABILITY TO LIKELY TAKE A HIT IN Q1FY26
** J.P. Morgan ("overweight", hikes TP to 720 rupees from 680 rupees) says aluminum upstream core profit to drop sequentially in Q1FY26 as pricing tailwinds temper
** Nuvama ("buy", PT at 776 rupees) says Novelis earnings will likely be affected by U.S. tariffs uncertainty
** Ambit ("sell", raises TP to 660 rupees from 650 rupees) says scarp prices - a raw material for Novelis unit - will remain a headwind for co's recycling margins
** Adds U.S.-based Novelis to bear tariff costs due to can sheet imports from South Korea, Brazil and due to higher products prices in the country
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
** Aluminum and copper miner Hindalco HALC.NS reported fourth-quarter profit ahead of analysts' estimates on Tuesday on higher commodity prices, which led to its upstream unit posting record core profit
** Prices of commodities "slightly on the lower side currently" due to global uncertainties, CEO Satish Pai said in a post-earnings call
** Stock oscillating between gains and losses on the day, last up 0.3%
PROFITABILITY TO LIKELY TAKE A HIT IN Q1FY26
** J.P. Morgan ("overweight", hikes TP to 720 rupees from 680 rupees) says aluminum upstream core profit to drop sequentially in Q1FY26 as pricing tailwinds temper
** Nuvama ("buy", PT at 776 rupees) says Novelis earnings will likely be affected by U.S. tariffs uncertainty
** Ambit ("sell", raises TP to 660 rupees from 650 rupees) says scarp prices - a raw material for Novelis unit - will remain a headwind for co's recycling margins
** Adds U.S.-based Novelis to bear tariff costs due to can sheet imports from South Korea, Brazil and due to higher products prices in the country
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
Hindalco Industries Q4 Consol Net Profit 52.83 Billion Rupees
May 20 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES Q4 CONSOL NET PROFIT 52.83 BILLION RUPEES; IBES PROFIT EST. 44.97 BILLION RUPEES
HINDALCO INDUSTRIES Q4 CONSOL REVENUE FROM OPERATIONS 648.90 BILLION RUPEES; IBES EST. 597.47 BILLION RUPEES
HINDALCO - DIVIDEND OF 5 RUPEES PER SHARE
HINDALCO - ACQUISITION OF 100% EQUITY STAKE IN EMIL MINES AND MINERAL RESOURCES LIMITED
HINDALCO - DEAL FOR CONSIDERATION OF 4.8 MLN RUPEES WITH NET DEBT VALUE OF 11.31 BLN RUPEES
Source text: [ID:]
Further company coverage: HALC.NS
May 20 (Reuters) - Hindalco Industries Ltd HALC.NS:
HINDALCO INDUSTRIES Q4 CONSOL NET PROFIT 52.83 BILLION RUPEES; IBES PROFIT EST. 44.97 BILLION RUPEES
HINDALCO INDUSTRIES Q4 CONSOL REVENUE FROM OPERATIONS 648.90 BILLION RUPEES; IBES EST. 597.47 BILLION RUPEES
HINDALCO - DIVIDEND OF 5 RUPEES PER SHARE
HINDALCO - ACQUISITION OF 100% EQUITY STAKE IN EMIL MINES AND MINERAL RESOURCES LIMITED
HINDALCO - DEAL FOR CONSIDERATION OF 4.8 MLN RUPEES WITH NET DEBT VALUE OF 11.31 BLN RUPEES
Source text: [ID:]
Further company coverage: HALC.NS
India to defend import curbs on copper in legal tussle with trade associations, sources say
By Neha Arora
NEW DELHI, May 13 (Reuters) - The Indian government is expected to argue that there is sufficient domestic supply of copper cathodes, and an adequate number of suppliers, as it prepares a response to a case on import curbs filed by two trade associations, two sources said.
India, the world's second-largest importer of refined copper, relies on imports to address shortfalls and meet robust demand in sectors such as energy, defence, automotives and infrastructure. Copper is among the 30 critical minerals identified by India in 2023.
But the government imposed quality control measures on copper cathode imports in December, requiring all suppliers, foreign and domestic, to obtain certification from Indian authorities.
The Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association have submitted a petition, seen by Reuters, to the Bombay High Court claiming that the government action could lead to a monopoly dominated by three domestic suppliers, without naming them.
"Where are the shortages?" one of the sources, familiar with government thinking, told Reuters. "The only evidence they (trade bodies) have is that in December and January imports had reduced, which is old data."
The source said that companies had imported large quantities of copper in October and November, which then led to lower imports in the following months.
"We will fight the case, their case does not hold," the source said, declining to be identified as the government has not filed a formal response yet. Another source confirmed the government would defend its position.
The trade associations and India's mines ministry did not immediately respond to requests for comment.
DEMAND SURGE
Copper demand is expected to double by 2030 as India aims to meet the needs of its industries and the energy transition. Domestic companies in the copper industry include Hindalco Industries HALC.NS, Vedanta, Adani ADEL.NS, and the state-owned Hindustan Copper HCPR.NS.
India's refined copper production is estimated at around 555,000 tons per year, and New Delhi imports around 500,000 tons of copper a year to meet the shortfall. Imports have surged since the 2018 closure of Vedanta's domestic Sterlite Copper smelter
But in December, the government said that the ramp-up of Adani Enterprises' smelter would fulfil India's domestic requirement and cut down imports. It is expected to become operational over the next four weeks.
Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique.
There are currently 10 certified foreign copper suppliers, both sources said, seven of which are Japanese, and five more domestic certified suppliers.
(Reporting by Neha Arora; Editing by Rachna Uppal)
((neha.dasgupta@tr.com;))
By Neha Arora
NEW DELHI, May 13 (Reuters) - The Indian government is expected to argue that there is sufficient domestic supply of copper cathodes, and an adequate number of suppliers, as it prepares a response to a case on import curbs filed by two trade associations, two sources said.
India, the world's second-largest importer of refined copper, relies on imports to address shortfalls and meet robust demand in sectors such as energy, defence, automotives and infrastructure. Copper is among the 30 critical minerals identified by India in 2023.
But the government imposed quality control measures on copper cathode imports in December, requiring all suppliers, foreign and domestic, to obtain certification from Indian authorities.
The Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association have submitted a petition, seen by Reuters, to the Bombay High Court claiming that the government action could lead to a monopoly dominated by three domestic suppliers, without naming them.
"Where are the shortages?" one of the sources, familiar with government thinking, told Reuters. "The only evidence they (trade bodies) have is that in December and January imports had reduced, which is old data."
The source said that companies had imported large quantities of copper in October and November, which then led to lower imports in the following months.
"We will fight the case, their case does not hold," the source said, declining to be identified as the government has not filed a formal response yet. Another source confirmed the government would defend its position.
The trade associations and India's mines ministry did not immediately respond to requests for comment.
DEMAND SURGE
Copper demand is expected to double by 2030 as India aims to meet the needs of its industries and the energy transition. Domestic companies in the copper industry include Hindalco Industries HALC.NS, Vedanta, Adani ADEL.NS, and the state-owned Hindustan Copper HCPR.NS.
India's refined copper production is estimated at around 555,000 tons per year, and New Delhi imports around 500,000 tons of copper a year to meet the shortfall. Imports have surged since the 2018 closure of Vedanta's domestic Sterlite Copper smelter
But in December, the government said that the ramp-up of Adani Enterprises' smelter would fulfil India's domestic requirement and cut down imports. It is expected to become operational over the next four weeks.
Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique.
There are currently 10 certified foreign copper suppliers, both sources said, seven of which are Japanese, and five more domestic certified suppliers.
(Reporting by Neha Arora; Editing by Rachna Uppal)
((neha.dasgupta@tr.com;))
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What does Hindalco do?
Hindalco Industries is primarily involved in the business of aluminium and copper, operating many countries with several established units. The Company's segments include Aluminium, which includes hydrate and alumina, aluminum and aluminum product, and Copper, which includes continuous cast copper rods, copper cathode, sulfuric acid, di-ammonium phosphate (DAP) and complexes, and gold and silver products. Its Copper business is the second-largest producer of copper rods outside China and operates India’s largest singlelocation custom copper smelter at Dahej. In the specialty alumina space, it ranks among the global top three, offering a differentiated portfolio of high-margin, high-growth products.
Who are the competitors of Hindalco?
Hindalco major competitors are National Aluminium, Arfin India, MMP Industries, Euro Panel Products, PG Foils, Manaksia Aluminium, Sacheta Metals. Market Cap of Hindalco is ₹2,06,116 Crs. While the median market cap of its peers are ₹368 Crs.
Is Hindalco financially stable compared to its competitors?
Hindalco seems to be less financially stable compared to its competitors. Altman Z score of Hindalco is 2.87 and is ranked 7 out of its 8 competitors.
Does Hindalco pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Hindalco latest dividend payout ratio is 6.94% and 3yr average dividend payout ratio is 7.06%
How has Hindalco allocated its funds?
Companies resources are allocated to majorly unproductive assets like Capital Work in Progress
How strong is Hindalco balance sheet?
Balance sheet of Hindalco is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Hindalco improving?
Yes, profit is increasing. The profit of Hindalco is ₹16,078 Crs for TTM, ₹16,001 Crs for Mar 2025 and ₹10,155 Crs for Mar 2024.
Is the debt of Hindalco increasing or decreasing?
Yes, The net debt of Hindalco is increasing. Latest net debt of Hindalco is ₹60,392 Crs as of Sep-25. This is greater than Mar-25 when it was ₹42,069 Crs.
Is Hindalco stock expensive?
Yes, Hindalco is expensive. Latest PE of Hindalco is 12.82, while 3 year average PE is 10.96. Also latest EV/EBITDA of Hindalco is 7.91 while 3yr average is 6.75.
Has the share price of Hindalco grown faster than its competition?
Hindalco has given better returns compared to its competitors. Hindalco has grown at ~12.1% over the last 4yrs while peers have grown at a median rate of 7.61%
Is the promoter bullish about Hindalco?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Hindalco is 34.64% and last quarter promoter holding is 34.64%.
Are mutual funds buying/selling Hindalco?
The mutual fund holding of Hindalco is increasing. The current mutual fund holding in Hindalco is 13.27% while previous quarter holding is 12.9%.