Novelis has mandated a 20-strong bank group to arrange a $2.28 billion dual-tranche loan to finance the Aleris acquisition.
Hindalco Industries posted a 47 percent increase in quarterly profit driven by higher copper sales and lower finance expenses.
Gold imports by India rose last month despite local prices trading near the highest in more than five years
Top Indian Steelmaker Posts Lowest Profit in Over a Year
Purchases may range from 750 metric tonnes to 850 tonnes in 2019 after dropping about 1.4 percent last year.
Bidding for the mill has been one of the most hotly contested under India’s insolvency resolution process.
India is set to produce as much as 210 million metric tons in the financial year ending March 31.
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Overseas gold purchases fell to 762 metric tons in 2018, a 20 percent slump from the previous year.
Buyers only get physical delivery of the metal once they have paid enough for one gram of gold.
Vedanta’s shares rose as much as 6.3 percent in Mumbai on Monday, paring losses to 37 percent this year.
High duties in India have spurred a spate of smuggling, including attempts to bring in bullion via planes and trains.
A fall in global metal prices on tensions between US and China amid higher raw material costs has weighed on the steel sector.
India’s jewelry exporters expect tighter lending to douse any recovery in overseas sales this year
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Iron ore suppliers in India are ramping up capacity to cater to the growing export market.
Hindalco’s U.S. unit Novelis Inc. reported a drop in second-quarter earnings from a year earlier.
Lakshmi Mittal’s Arcelor was chosen as preferred bidder for Essar Steel after going through multiple rounds of bidding for asset.
However, legal challenges by other bidders such as Russia’s VTB Capital could pose risks to any potential deal.
Gold buyers in India, the biggest market after China, may give jewelry stores a miss in the run-up to Diwali.
Jindal Steel repaid most of its dues and the company is now working with banks to exit the program by the end of the fiscal year.