Novelis

Novelis Inc, the US-based aluminium producer and subsidiary of Hindalco Industries, on Wednesday reported an 18 per cent decline in net income to USD 128 million in the September quarter of 2024-25. The US-based company, which deals in aluminium rolled products, had reported a net income of USD 157 million in the same period of the last financial year, the company said in a filing to BSE. "Net income attributable to our common shareholder decreased 18% versus the prior year to USD 128 million in the second quarter of fiscal year 2025," the filing said. Net sales for the second quarter rose by 4.5 per cent to USD 4,295 million over USD 4,107 million in the year-ago period, mainly driven by higher average aluminium prices and a one per cent rise in total flat rolled product shipments to 945 kilotonnes. "Our global footprint allowed us to achieve record beverage packaging shipments in the quarter and also mitigate the impact to customers from the flooding-related outage at Sierre," St

Exploring copper smelter expansion in Gujarat

Novelis Inc, Hindalco Industries' US subsidiary, postponed its initial public offering (IPO) for the time being due to market conditions, the company said in an exchange filing today

To offload 45 mn shares, or 7.5% stake, at $18-21 apiece; values arm at $12.6 bn

The U.S. IPO market has shown positive indications of a turnaround in 2024, after two sub par years, on hopes of rate cuts in the second half of the year and a soft landing for the economy

The strong show across metals and value-added products, plus higher margins in Novelis indicates good trends

In February, Novelis announced plans to pursue a US market IPO of shares to be offered by its sole shareholder - Hindalco

Hindalco Industries on Tuesday said its arm Novalis Inc has filed papers with the US securities regulator, the Securities and Exchange Commission, for its proposed Initial Public Offering (IPO). Novelis will be listing its common shares on the New York Stock Exchange. Hindalco, the flagship company of Aditya Birla Group, did not disclose the size of the IPO of its wholly-owned subsidiary Novelis Inc. It also did not give any timeline to hit the market with its public issue. The common shares are expected to be offered by Novelis' sole shareholder -- A V Minerals (Netherlands) NV, also, a fully-owned subsidiary of Hindalco Industries Limited. Novelis Inc will not receive any proceeds from the sale of common shares by its sole shareholder. Hindalco owns 100 per cent of Novelis through AV minerals. In a regulatory filing, the company said, "it has filed a registration statement on Form F-1 with the Securities and Exchange Commission (the SEC) relating to the proposed initial public .

Hindalco is seeking to raise about $1.2 billion in the IPO for Atlanta-based Novelis and may target a valuation of about $18 billion, Bloomberg News has reported

Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said, asking not to be identified because the matter is private

TMS Ep636: Private capex, Softbank AI, Novelis IPO, Mumbai Metaverse

Can private capex offset govt spend curbs in FY25? Can AI help Softbank turn around in India? What does Novelis IPO mean for Hindalco investors? What is Mumbai Megapolis Metaverse? Answers here

The monetisation proceeds could be used to fund ongoing capex for Novelis' Bay Minette facility

On successful completion of its IPO, Novelis will be among the few subsidiaries of Indian companies to be listed separately on foreign bourses

Novelis will not receive any proceeds from share sale

Analysts maintained consensus 'buy' rating on Hindalco though the stock lost over 12 per cent post Q3 on Tuesday, mainly due to the sharp increase in Novelis' capex, and ended flat on Wednesday

Novelis has significantly increased its planned capex spends for its green field expansion at Bay Minette plant from $2.7-2.8 billion to $4.1 billion.

The stock gained over 1 per cent on results to around Rs 488. Analysts seem to be positive on the stock with valuations ranging up to Rs 580

Novelis, Indian firm's subsidiary, secures anchor customer for upcoming US plant

Analysts though are positive on Hindalco, and see an improvement in business prospects from the second half of FY24

Hindalco's stock closed flat at Rs 403.35 apiece on the BSE on Wednesday