Hindalco gains on robust results from Novelis

Shares of Hindalco are trading higher by 3.4% to Rs 152 on the BSE after its UK-based subsidiary Novelis posted robust results for quarter ended December 2014. 

Novelis' net profit during the October-December quarter increased to $46 million, up 254 per cent, from $13 million, year-on-year (YoY) and net sales rose 18 per cent to $2.8 billion. Adjusted EBITDA moved up 16 per cent to $236 million. Higher shipments drove Q3 EBITDA growth, say analysts. 

Meanwhile, Goldman Sachs has maintained a buy rating on the stock with a target of Rs 200. According to the brokerage, Novelis has surprised on high volumes and product mix. 

The stock opened at Rs 148, touched a high of Rs 154 on the BSE. A total of 414,897 shares changed hands on the BSE so far.