Hindalco Industries gains as its arm all set to build $50 million recycling center in South Korea
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Hindalco Industries is currently trading at Rs. 513.10, up by 1.15 points or 0.22% from its previous closing of Rs. 511.95 on the BSE.
The scrip opened at Rs. 501.70 and has touched a high and low of Rs. 514.40 and Rs. 501.70 respectively. So far 106631 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 553.85 on 11-Feb-2022 and a 52 week low of Rs. 305.40 on 25-Mar-2021.
Last one week high and low of the scrip stood at Rs. 540.50 and Rs. 511.00 respectively. The current market cap of the company is Rs. 114695.70 crore.
The promoters holding in the company stood at 34.64%, while Institutions and Non-Institutions held 47.17% and 14.27% respectively.
Hindalco Industries’ wholly owned subsidiary -- Novelis Inc., the world leader in aluminum rolling and recycling, is all set to invest around $50 million to build a recycling center at its Ulsan Aluminum joint venture in South Korea. Fully funded by Novelis, the Ulsan Recycling Center will have an annual casting capacity of 100 kilotonnes of low-carbon sheet ingot. Once online, the company expects the recycling center to reduce its carbon emissions by more than 420,000 tons each year.
Construction of the Ulsan Recycling Center is expected to begin in October, with commissioning expected in early 2024.
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.
