Hindalco Industries gained 2.84% to Rs 173.65 at 13:31 IST on BSE after US based aluminum major Alcoa Inc reported better-than-expected Q2 earnings.
Meanwhile, the BSE Sensex was down 45.61 points, or 0.18%, to 25,536.50
On BSE, so far 7.44 lakh shares were traded in the counter, compared with an average volume of 11.53 lakh shares in the past one quarter.
The stock hit a high of Rs 177.45 and a low of Rs 168.50 so far during the day. The stock hit a 52-week high of Rs 179 on 2 July 2014. The stock hit a 52-week low of Rs 83.05 on 7 August 2013.
The stock had underperformed the market over the past one month till 8 July 2014, falling 0.03% compared with 0.73% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 23.11% as against Sensex's 14.49% rise.
The large-cap company has an equity capital of Rs 206.46 crore. Face value per share is Re 1.
US-based aluminum major Alcoa Inc said on Tuesday, 8 July 2014 that its profits surged in the second quarter as the company's portfolio transformation continues accelerating. Excluding the impact of special items, net income was $216 million, or $0.18 per share in Q2 June 2014, more than double sequentially and nearly triple year-over-year.
Alcoa also increased its 2014 growth estimate for the North America commercial transportation market. Hindalco's unit Novelis Inc directly competes with Alcoa in the North American markets.
Hindalco Industries' net profit declined 48.5% to Rs 248.15 crore on 19.7% growth in total income to Rs 8647.53 crore in Q4 March 2014 over Q4 March 2013.
Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the world's largest custom smelter at a single location.
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