New Delhi: Aluminium giants National Aluminium Company (NALCO) and Hindalco have raised prices of aluminium by Rs 3,000-5,000 per metric tonne respectively.
"We have raised aluminium prices by Rs 3,000 per tonne to adjust to fluctuations in the London Metal Exchange (LME)," NALCO, General Manager, Corporate Communications Harish Pradhan said.
Hindalco too raised the prices by Rs 5,000 per metric tonne ostensibly due to the same reason.
"The price rise was necessitated in view of the rising aluminium prices globally," Pragya Ram, Chief Spokesperson Aditya Birla Group said in Mumbai.
Earlier, NALCO announced its gross sales target at Rs 5,000 crore and gross margin at over Rs 2,200 crore for the fiscal 2006-07.
The target was fixed and inked as an MoU between NALCO CMD C R Pradhan and Mines Secretary A K D Jadhav. The PSU projected more than 100 per cent capacity utilisation of mines, refinery and smelter plants besides projecting higher financial commitments of over Rs 500 crore during the year to ensure completion of the ongoing project expansion in time.
The company, through the MoU undertaken, will ensure high customer satisfaction, higher weightage for R&D investment and employees training.
The MoU also envisaged increasing captive coal mining and locating a new site for another expansion of the company.
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