Hindalco Industries rises as its arm to build recycling center for automotive in North America
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Hindalco Industries rises as its arm to build recycling center for automotive in North America
Jan-12-2022 11:48 Hrs IST
Hindalco Industries is currently trading at Rs. 495.35, up by 9.40 points or 1.93% from its previous closing of Rs. 485.95 on the BSE.
The scrip opened at Rs. 495.00 and has touched a high and low of Rs. 499.35 and Rs. 492.05 respectively. So far 107194 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 551.65 on 18-Oct-2021 and a 52 week low of Rs. 221.00 on 28-Jan-2021.
Last one week high and low of the scrip stood at Rs. 499.35 and Rs. 474.60 respectively. The current market cap of the company is Rs. 111504.57 crore.
The promoters holding in the company stood at 34.64%, while Institutions and Non-Institutions held 46.08% and 13.59% respectively.
Hindalco Industries’ wholly owned subsidiary -- Novelis Inc is all set to invest $365 million to build a highly advanced recycling center for automotive in North America. With an annual casting capacity of 240 kt of sheet ingot, the facility will reduce the company’s carbon emissions by more than one million tons each year. The new recycling facility will be built adjacent to Novelis’ existing automotive finishing plant in Guthrie, Kentucky.
The center will enable Novelis to grow its closed-loop-recycling programs with more automotive customers in North America. Through closed-loop recycling, the company takes back the aluminum remaining after automotive parts are stamped from sheets and remakes it into the same product for new vehicle production. The center will also have the capability to process aluminum from vehicles at the end of their lifecycle. Using recycled aluminum as input material requires only 5 percent of the energy used to make primary aluminum, thus avoiding 95 percent of the carbon emissions associated with production.
Hindalco Industries is an industry leader in aluminium and copper. The company’s aluminium units across the country encompass the entire gamut of operations from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions, foils and alloy wheels, along with captive power plants and coal mines
