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.
The Aditya Birla Group company plans to invest ₹800 crore to build a new plant near Sambalpur in Odisha.
Hindalco has inked a power purchase agreement with Seven Renewable Power for the acquisition of a 26% stake in the company.
Shares of JSW Steel, Hindalco, Tata Steel, Jindal Steel & Power dropped up to 2% even after the government rolled back export duty on steel and iron ore products.
Following the quarterly results, domestic brokerage ICICI Securities has given a ‘Buy’ call for Hindalco, while raising the company’s target price to ₹515.
Hindalco reported its best-ever quarterly profitability levels on account of better macros, and robust performance of its aluminium downstream and copper subsidiaries.
The Sensex and Nifty are poised to slide in the opening trade on Wednesday, following weak cues from global peers as caution prevailed ahead of the U.S. inflation data.
Macquarie has maintained 'outperform' rating on the Hindalco stock, while Jefferies, CLSA, Kotak Securities and Motilal Oswal have given a 'buy' call.
Shares of Hindalco Industries dropped even after its U.S. subsidiary, Novelis, reported strong earnings in the March quarter of 2022.
The 30-share Sensex fell over 1,000 points in the early deals, but rebounded strongly to end 389 points higher at 56,247 ahead of the release of the December quarter GDP data.