India Infoline News Service quoted Mr Subhrakant Panda MD of Indian Metals & Ferro Alloys Limited as saying that ferrochrome prices have started to increase and there has seen a 10% increase in the past few weeks.

He added that "Going ahead, I see further upside in ferrochrome prices which will counter some of the cost pressures."

He said that however, IMFA expects the cost pressure to continue in the fourth quarter of FY11. Basically, the nine-month performance in FY11 has been excellent.

Mr Panda said that "We have exceeded the top line for the last fiscal year and our bottom line too has seen significant improvement. We have recorded INR 1.41 billion PAT for 9M FY11 as compared to INR 420 million for the whole of FY10. I expect FY11 to end on a strong note. We are projecting a top line of INR 10.2 to INR 10.5 billion and a PAT of INR 1.6 to INR 1.7 billion."

(Sourced from www.indiainfoline.com)