Hindalco shares plummet 7% as U.S.-based arm Novelis reports weak Q2
Novelis has withdrawn its EBITDA per tonne guidance over concerns surrounding ‘accelerating’ tightening of scrap spreads with liberalisation of scrap import by China.
Novelis has withdrawn its EBITDA per tonne guidance over concerns surrounding ‘accelerating’ tightening of scrap spreads with liberalisation of scrap import by China.
Leadership in ESG, launch of future-ready products help company take pole position.
The proposed IPO is an offer for sale by the existing promoter Hindalco Industries.
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.