Nov. 2 (Bloomberg) -- National Aluminium Co., India's second-biggest aluminum producer, raised prices for a second month after the metal reached a five-month high on the London Metal Exchange. Its shares rose.
Prices were raised by as much as 8,000 rupees ($178), or 6.3 percent, to about 133,950 rupees a metric ton, Chairman C.R. Pradhan said by phone from Bhubaneswar. Prices were increased by as much as 5,700 rupees, or 5 percent, last month.
Aluminum, a lightweight metal that is used to make beverage cans and aircraft, rose to a five-month high of $2,835 a ton on Oct. 30. Prices may rise to $3,000 by year end on rising demand from China and the U.S., the world's biggest users of the metal, Pradhan said in an interview on Oct. 30.
The metal has gained 43 percent in the past year, helping National Aluminium more than double second-quarter net income to 5.95 billion rupees. Rival Hindalco Industries Ltd. said Oct. 18 second-quarter profit almost doubled to 5.98 billion rupees.
Hindalco, India's biggest aluminum maker, yesterday raised its prices by 9,000 rupees a ton to about 137,750 rupees.
National Aluminum shares climbed as much as 1.3 percent to 233.45 rupees, while Hindalco gained 0.9 percent to 192.4 rupees on the Bombay Stock Exchange.
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