Hindalco Industries rose 2.39% to Rs 180 after the company on Thursday signed an agreement to procure copper concentrate from state-owned Hindustan Copper.
Shares of Hindustan Copper (HCL) were up 0.27% at Rs 37.35.HCL is the only producer of copper concentrate in India. Under this MoU, Hindalco will use about 60% of copper concentrate produced by Hindustan Copper. This partnership is a major step towards import substitution and reducing the nation's dependence on imported copper concentrate.
Hindalco is India's largest custom copper producer, currently contributing to over 50% of India's domestic refined copper requirements. Hindalco's copper products are used in India's core infrastructural sectors, including power, construction, automobiles, railways, etc. Hindalco operates Asia's biggest single-location custom Copper Smelter at Dahej in Gujarat.
Shares of Hindalco have soared 111.64% from its 52-week low of Rs 85.05 hit on 23 March 2020.
On a consolidated basis, Hindalco Industries reported net loss of Rs 709 crore in Q1 June 2020 compared with net profit of Rs 1,063 crore in Q1 June 2019. Net sales tumbled 15.6% to Rs 25,283 crore in Q1 June 2020 over Q1 June 2019.
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