Hindalco Industries rose 0.94% to Rs 221.10 at 10:38 IST on BSE after the company's US-based subsidiary, Novelis, reported good earnings in June quarter.
Meanwhile, the S&P BSE Sensex was up 84.16 points, or 0.22% to 37,749.96.On the BSE, 4.05 lakh shares were traded in the counter so far compared with average daily volumes of 6.78 lakh shares in the past two weeks. The stock had hit a high of Rs 224.90 and a low of Rs 220.20 so far during the day. The stock hit a record high of Rs 283.95 on 5 January 2018. The stock hit a 52-week low of Rs 192.50 on 23 July 2018.
Novelis, the wholly owned subsidiary of Hindalco Industries, on Tuesday, 7 August 2018, posted a 10% increase in net income at $113 million in the June quarter on better operational performance and higher capacity utilisation. The company, which deals in aluminium rolled products, had reported a net income of $103 million in the same period last year.
However, including some tax benefits, the firm reported a net income of $137 million, against $101 million in year-ago period, attributable to its common shareholder, it said in a statement. The increase in net income, excluding special items, was mainly due to a 15% increase in adjusted EBITDA over the prior year to $332 million in the first quarter of fiscal 2019, it said.
Its sales increased 16% to $3.1 billion, driven by higher average aluminium prices, higher shipments, and more favourable product mix, partially offset by lower conversion premiums on some products, the statement said.
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Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. The company operates in ten countries.
Net profit of Hindalco Industries declined 24.98% to Rs 376.97 crore on 5.94% rise in net sales to Rs 11681.10 crore in Q4 March 2018 over Q4 March 2017.
Hindalco Industries, the metals flagship company of the Aditya Birla Group, is a leading player in aluminium and copper manufacturing. It is the world's largest aluminium rolling company and one of Asia's biggest producers of primary aluminium.
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