National aluminium to triple capacity in six years
Thursday, 24 December 2009
MUMBAI, Dec 23 (Bloomberg): National Aluminium Co, India's second-biggest producer, plans to almost triple production capacity in the next six years as demand rises in Asia, Europe and North America.
Output of the lightweight metal may reach 1.25 million metric tons from 460,000 tons, Director of Production AK Sharma said in an interview. The company, which added 115,000 tons of capacity on December 20, aims to put on another 180,000 tons in the next phase at its Angul plant in eastern Orissa state, he said, without specifying a timeframe.
Aluminum, used to make cars, aircraft and beverage cans, has climbed 45 per cent this year in London as China, the world's biggest producer and consumer, became a net importer and demand began to recover in the US, Japan and Europe.
"With higher prices and expanded capacity, National Aluminium will make good money," said Giriraj Daga, an analyst in Khandwala Securities Ltd. in Mumbai. "Going forward, prices may rise further due to better demand."
National Aluminium shares rose as much as 2.5 per cent to 384.45 rupees and traded at 382.65 rupees as of 11:46 p.m in Mumbai. The key Sensitive Index of the Bombay Stock Exchange gained 1.7 per cent.
China's imports of refined aluminum swelled 1,245 per cent to 1.45 million tons in the first 11 months of this year, while exports slumped 71 per cent to 18,609 tons, according to government data.
Output of the lightweight metal may reach 1.25 million metric tons from 460,000 tons, Director of Production AK Sharma said in an interview. The company, which added 115,000 tons of capacity on December 20, aims to put on another 180,000 tons in the next phase at its Angul plant in eastern Orissa state, he said, without specifying a timeframe.
Aluminum, used to make cars, aircraft and beverage cans, has climbed 45 per cent this year in London as China, the world's biggest producer and consumer, became a net importer and demand began to recover in the US, Japan and Europe.
"With higher prices and expanded capacity, National Aluminium will make good money," said Giriraj Daga, an analyst in Khandwala Securities Ltd. in Mumbai. "Going forward, prices may rise further due to better demand."
National Aluminium shares rose as much as 2.5 per cent to 384.45 rupees and traded at 382.65 rupees as of 11:46 p.m in Mumbai. The key Sensitive Index of the Bombay Stock Exchange gained 1.7 per cent.
China's imports of refined aluminum swelled 1,245 per cent to 1.45 million tons in the first 11 months of this year, while exports slumped 71 per cent to 18,609 tons, according to government data.