Hindalco shares crash 15% despite strong show by Novelis; Q3 result in focus
Novelis reported YoY improvement in net income and adjusted EBITDA in Q3 FY24, driven by higher pricing and lower operating costs.
Novelis reported YoY improvement in net income and adjusted EBITDA in Q3 FY24, driven by higher pricing and lower operating costs.
Ethanol futures dropped to $2.11 per gallon, marking the lowest level since February 2022, owing to production expansion, adjusted blending mandates, and increased stockpiles.
With elevated coal costs, the profitability of domestic entities would be adversely impacted, primarily for power-intensive metals such as aluminium and zinc.
Shares of Hindalco Industries dropped even after its U.S. subsidiary, Novelis, reported strong earnings in the March quarter of 2022.