Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Indonesia is now considering deep cuts to nickel mining quotas as it seeks to boost slumping prices of the metal.
Indian mining group Vedanta’s reported a bigger-than-expected first-quarter profit on Tuesday, reflecting higher prices of aluminum and zinc, its biggest two businesses.
The conglomerate, led by billionaire Anil Agarwal, said its consolidated net profit surged 37% to 36.06 billion rupees (around $430 million).
Analysts on average were expecting a profit of 24.83 billion rupees, as per LSEG data.
During the quarter, global prices of base metals including zinc and aluminum rose amid supply worries. Higher commodity prices tend to raise selling prices and margins for miners.
Vedanta’s revenue rose 6% to 352.29 billion rupees, while analysts were expecting revenue of 363.09 billion rupees.
Pre-tax profit from Vedanta’s aluminum unit, which is the country’s biggest producer of the metal, increased 14% to 135.15 billion rupees. Aluminum contributes nearly one-third to the company’s profit and revenue.
Earlier this month, its unit Hindustan Zinc reported its first rise in profit in seven quarters due to higher global prices of zinc.
($1 = 83.9278 Indian rupees)
(By Manvi Pant; Editing by Savio D’Souza)
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