Mixed bag
A J S Jhala, joint president (finance), Hindalco
The Budget was more of a mixed bag for me. While the customs duty reduction on aluminium is some what negative for the company, the 15 per cent additional depreciation allowed on new plants and machinery after April 1,2002 is definitely positive.
At the current 15 per cent customs duty level, the compnay is still competitive as Hindalco's products are priced at Rs 1500 to Rs 2000 per tonne lesser than the landed cost.
However, the aluminium industry will certainly have to worry if the LME prices goes below US$ 1340 per tonne.
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