Shares of aluminium producer Hindalco Industries rose by 13.26 per cent to close at Rs 60.20 a share after the company’s net profit rose 12.04 per cent to Rs 719.95 crore in the second quarter of FY09 compared with the corresponding previous quarter. A total of 1.34 crore shares of the company changed hands on the Bombay Stock Exchange on Friday.
It touched a high of Rs 61.85 and a low of Rs 54 in intraday trading. The company has given a cautious outlook, saying its business will be impacted in the short term by the overall slowdown in the global economy.
However, long-term market fundamentals remain strong. It added that the ramp up of brownfield expansion, enhanced asset productivity and containment of input cost along with effective working capital management to maximise free cash flow will be the major growth drivers.