Hindalco Industries fell 2.38% to Rs 77.90 at 10:37 IST on BSE after the company's subsidiary Novelis yesterday, 9 November 2015, reported a net loss of $13 million for second quarter of fiscal year 2016.
Meanwhile, the BSE Sensex was down 140.74 points, or 0.54%, to 25,980.66.
On BSE, so far 2.29 lakh shares were traded in the counter, compared with an average volume of 13.85 lakh shares in the past one quarter.
The stock hit a high of Rs 78.30 and a low of Rs 77.45 so far during the day. The stock hit a 52-week high of Rs 176.40 on 27 November 2014. The stock hit a 52-week low of Rs 67.55 on 29 September 2015.
The stock had underperformed the market over the past one month till 9 November 2015, sliding 4.60% compared with 3.54% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 27.19% as against Sensex's 7.49% decline.
The large-cap company has an equity capital of Rs 206.50 crore. Face value per share is Re 1.
Novelis Inc. reported a net loss of $13 million for Q2 September 2015 against net profit of $38 million in Q2 September 2014. Net sales declined 12.32% to $2482 million in Q2 September 2015 over Q2 September 2014.
Excluding tax-effected special items, Novelis reported a 30.56% decline in net income to $25 million in the second quarter of fiscal 2016 compared to $36 million in the second quarter of fiscal 2015.
Excluding the impact of metal price lag in both periods, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 7% to $236 million in the second quarter of fiscal 2016, compared to $221 million in the prior year. The increase was driven by higher shipments of premium automotive and beverage can sheet, partially offset by less favorable recycling benefits due to lower aluminum prices as compared to the prior year. Current year results also reflect higher costs associated with the start-up and support of new automotive finishing and recycling capacity. However, the company has made good progress reducing new asset start-up costs on a sequential basis. Adjusted EBITDA excluding metal price lag increased 11% in the second quarter of fiscal 2016 from $212 million reported in the first quarter of fiscal 2016, primarily driven by higher shipments, better product mix and lower start-up costs, Novelis said in a statement.
Novelis is the global leader in aluminum rolled products and the world's largest recycler of aluminum. The company operates in 11 countries. The company is a subsidiary of Hindalco Industries, part of the Aditya Birla Group.
Hindalco Industries will unveil its Q2 results today, 10 November 2015. The company's net profit fell 67.37% to Rs 107 crore on 7.24% growth in revenue from operations to Rs 8575 crore in Q1 June 2015 over Q1 June 2014.
A part of the Aditya Birla Group, 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 amongst the largest single location custom smelter globally.
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