Hindalco Industries declined 4.59% to Rs 378.20, extending losses for the second consecutive trading session.
Shares of the company have fallen 8.23% in two trading sessions from its recent closing high of Rs 412.15 on 22 September 2022.On the BSE, 9.21 lakh shares were traded in the counter so far compared with average daily volumes of 4.70 lakh shares in the past two weeks. The stock hit a high of Rs 390.25 and a low of Rs 369.65 so far during the day.
The stock hit a 52-week high of Rs 636 on 29 March 2022. The stock hit a 52-week low of Rs 309 on 20 June 2022.
The stock had underperformed the market over the past one month, falling 14.03% compared with 2.34% decline in the Sensex.
The scrip however outperfromed the market in past three months, gaining 10% as against Sensex's 8.05% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 33.272. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
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On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 412.95, 397.01 and 460.36, respectively. These levels will act as crucial support zones in near term.
Hindalco Industries is the metals flagship company of the Aditya Birla Group. It is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium.
On a consolidated basis, Hindalco Industries' net profit surged to Rs 4,119 crore, a 48% growth YoY and 7% sequentially despite rising costs and inflationary pressures. Revenue for the first quarter stood at Rs 58,018 crore, up 40% YoY.
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