The downstream aluminium segment witnessed variable production this week, with Aparna Enterprises planning to invest INR 150 crores in FY24 to expand operations and INR 50 crores in tile, RMC, and aluminium. The move reflects the company's commitment to meeting India's infrastructure needs. Hindalco Industries Limited reported a net profit of INR 2,454 crore in Q1 FY2023-24, up 1.75% from the previous quarter. However, compared to the same quarter last year, net profit saw a decrease of 40.42%. Despite a decline in revenue from operations, Hindalco's net profit still grew sequentially in Q1. The revenue was INR 52,991 crore, down 5.13% from Q4 FY2023. This decrease was mainly due to the downstream aluminium business. Novelis Inc.'s Q1 FY2024 financial report showed a 19.61% decline in net sales YoY, from $5,089M to $4,091M. This was due to lower aluminium prices and reduced shipments of flat rolled products but partially offset by a favourable product mix.
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Marine Aluminium, a company known for developing and producing aluminium goods, has bagged a contract to deliver a helideck for Hornbeck Offshore Services' new conversion project. The 21-meter helideck can accommodate helicopters up to the size of a Sikorsky S-92.
Bano Scaffolding, one of the best manufacturers of aluminium mobile scaffolds and ladders, has been successfully onboarded by AL CircleBiz. AL CircleBiz is a first-of-its-kind global online marketplace connecting millions of buyers and sellers across the aluminium value chain. It is a devoted platform to the aluminium industry and witnessed enormous growth in both supply and demand within six months of its launch.
It has come to our attention that Crystal IS Inc, a company based in Green Island, New York, USA, has successfully developed a 4-inch (100mm) single-crystal aluminium nitride (AlN) substrate. This remarkable achievement is a testament to their ability to scale and meet production demands.
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Last week, Novelis Inc. announced the first quarter results of the financial year 2023-24 ended June 30, reporting a 19.61 per cent decline in net sales year-on-year from $5,089 million to $4,091 million, driven by lower average aluminium prices and reduced flat rolled products shipments, although offset by favourable product mix.
Hindalco Industries Limited, one of India's biggest aluminium manufacturing companies, announced the first quarter results of FY2023-24 ended June 30, revealing a net profit of INR 2,454 crore, up by 1.75 per cent Q-o-Q from INR 2,411 crore, driven by a recovery in Novelis business. However, on a year-on-year basis, the profit edged a fall of 40.42 per cent from INR 4,119 crore.
Aparna Enterprises, India's fastest-growing construction materials company, plans to spend INR 150 crores in FY24 to expand its operations and match the industry's increasing demand. A further INR 50 crores will be invested in Aparna Enterprises' tile, ready-mix concrete (RMC), and aluminium operations.
Aludium, one of the leading producers of rolled aluminium products in numerous European countries, has joined forces with the women's team of Lucentum Alicante, showcasing the company's spirit of supporting gender equality. Ignacio Alonso, vice president of Lucentum Alicante, and José Ignacio Juan, director of Aludium Plant, signed the partnership agreement at the company's facilities.
After the year 1980, there was a significant surge in robotics innovation, marked by remarkable advancements. In 1981, Takeo Kanade introduced a groundbreaking creation: the first robotic arm featuring joint-mounted motors. This innovative design exhibited superior speed and precision compared to its predecessors, setting a new standard in robotic technology.
Source: https://www.alcircle.com/news/downstream-aluminium-weekly-hindalco-and-novelis-both-witness-dampening-downstream-aluminium-sales-98859
