Hindalco gains over 2% on higher volumes

The firm recently said in its annual general meeting that it will be investing up to Rs 2,000 crore to set up a “first of its kind” copper and e-waste recycling unit in India.

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Shares of Hindalco Industries Ltd gained over 2 percent on the back of higher volumes. At 9.45am, the stock was trading at Rs 460.60 on BSE, up 2.31 percent from its previous close. India’s benchmark Sensex fell 0.03 percent to 65,200 points.

The firm recently said in its annual general meeting that it will be investing up to Rs 2,000 crore to set up a “first of its kind” copper and e-waste recycling unit in India.

“I am delighted to announce that your company is making an investment of Rs 2,000 crore to establish the first of its kind Copper and E-waste recycling facility in India. This move addresses the mounting challenge posed by e-waste, recognised as the foremost waste stream on a global scale,” Birla said in his keynote address.

Also Read: Hindalco plans Rs 2,000 crore copper, e-waste recycling unit

At present, due to lack of advanced metal extraction and refining technologies domestically, a substantial volume of e-waste – considered as the foremost waste stream on a global scale – is exported to other nations, he pointed out.

Birla added that Novelis, the company’s US-based subsidiary, recycled 2.3 million tonnes of aluminium scrap and increased the recycled content in its products to 61 per cent (up from 57 per cent in FY22). “This achievement firmly sets Novelis apart from its peers with a recycled content rate more than double its nearest competitor.”