US: The reported net income for the first quarter of 2023 was $156.3 million, resulting in $1.16 per diluted share. This is a significant decline from the first quarter of 2022, which reported a net income of $393.0 million, or $2.48 per diluted share. Adjusted EBITDA for the first quarter of 2023 was $434.1 million, excluding depreciation and amortization expense of $137.1 million and restructuring charges of $60.9 million. In comparison, the first quarter of 2022 had an adjusted EBITDA of $710.9 million. In the first quarter of 2023, sales plummeted to $1,844.3 million from $2,461.4 million in the same period of the previous year. Olin’s Q1 performance demonstrates the resilience of its winning model. The company was able to deliver significantly higher recessionary trough level adjusted EBITDA compared to its historical approach, highlighting its ability to weather economic downturns. During the first quarter, Olin’s Chlor Alkali Products and Vinyls team adjusted its ma...

In its spree to meet the fiscal deficit target, Government of India has proposed an offer for sale (OFS) of equity shares of National Aluminium Company Limited (NALCO) tomorrow i.e. 15th of March, 2013. The offer for sale will be for 257,723,850 equity shares constituting 10% of the paid up equity share capital. Given the low floor price, cheap valuations and healthy prospects for alumina despite subdued demand for aluminium, investors are recommended to participate in the process. Details: The government intends to offer 5% initially with an option to sell another 5% if the demand stands out strong. Due to the limited free float, the floor price has been kept low at Rs 40 and will help in raising Rs 1030 crore. The OFS was initially proposed in November, 2012 but due to poor results in the second quarter, it was deferred on valuation concerns. Business: After a subdued performance in the first half of FY13, Nalco emerged strongly in the latest quarter. Issue regarding coal sourcing...