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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Hindalco Industries Limited    500440   INE038A01020

HINDALCO INDUSTRIES LIMITED

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Hindalco Industries : India's silver imports could tumble as scrap supplies surge, importers say

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08/20/2020 | 05:59am EDT
A silver trader displays silver ornaments inside his shop in the western Indian city of Ahmedabad

India's silver imports are likely to fall by more than 40 percent from a year ago to the lowest level in eight years, with investors booking profit by selling stocks after local prices rallied to a record high this month, leading importers said.

Lower imports by the world's biggest silver consumer could weigh on global prices that have risen more than 50% so far in 2020.

"Investors, who bought silver at higher levels, got an opportunity to exit after a long time. For some, even after a decade," said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.

Their selling will reduce import requirement for 2020 to 3,000 tonnes, the lowest since 2012, he said.

India imported 5,598 tonnes of silver in 2019, according to data compiled by Refinitiv GFMS. The country fulfills most of its silver requirement through imports.

Investors are sceptical whether silver will hold recent gains, said Prithviraj Kothari, managing director of RiddiSiddhi Bullions.

"There is rush from sellers but very few buyers are there. Sellers are forced to accept hefty discount," he said.

Local silver futures were trading around 66,800 rupees per kg on Thursday afternoon after hitting a record high of 77,949 rupees earlier this month.

But in the spot market silver was offered at discount of more than 5,000 rupees per kg due to weak demand, Thakkar said.

India's silver imports in the first seven months of the year nearly halved from a year ago to 1,900 tonnes and it is unlikely to rise again unless prices correct sharply, said a Mumbai based dealer with a bullion importing bank.

Demand from jewellery and industry is negligible as millions of people have lost or have to accept a pay cut, said the dealer, adding: "Sentiments are very weak in retail market."

By Rajendra Jadhav


Stocks mentioned in the article
ChangeLast1st jan.
HINDALCO INDUSTRIES LIMITED 2.90% 186 End-of-day quote.-13.93%
SILVER 1.27% 25.039 Delayed Quote.36.97%
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Financials
Sales 2021 1 230 B 16 719 M 16 719 M
Net income 2021 29 480 M 401 M 401 M
Net Debt 2021 588 B 7 993 M 7 993 M
P/E ratio 2021 14,2x
Yield 2021 0,58%
Capitalization 414 B 5 630 M 5 622 M
EV / Sales 2021 0,81x
EV / Sales 2022 0,67x
Nbr of Employees -
Free-Float 64,7%
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Number of Analysts 21
Average target price 227,70 INR
Last Close Price 186,00 INR
Spread / Highest target 53,2%
Spread / Average Target 22,4%
Spread / Lowest Target -24,7%
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NameTitle
Satish P. Pai Managing Director & Executive Director
Anil Kishan Kumar Malik President, Secretary & Compliance Officer
Kumar Mangalam Birla Non-Executive Chairman
Satish Jajoo COO & Head-Renukoot, Renusagar & Mahan Unit
Praveen Kumar Maheshwari Chief Financial Officer & Independent Director
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