Hindalco gains on strong earnings of subsidiary
DSIJ Intelligence / 08 Aug 2017
Hindalco Industries gained 5.64% at Rs 240.50 per share at 1005 hours after its overseas arm, Novelis, reported strong first quarter earnings. Hindalco Industries was the top Nifty gainer.
Hindalco Industries gained 5.64% at Rs 240.50 per share at 1005 hours after its overseas arm, Novelis, reported strong first quarter earnings. Hindalco Industries was the top Nifty gainer.
The stock attracted a total traded volume of 1,04,92,703 shares and a total traded value of Rs 25,223.41 lakh. Novelis’ net profit tripled to USD 101 million during the April-June quarter. Improved profitability in its North America operations saw its core EBITDA grow 8% as compared to last year to USD 289 million. The company's volumes grew 4% YoY.
Meanwhile, the stock on a yearly basis has given 59.95% returns and has outperformed the BSE Sensex and BSE Metal index. The company has been maintaining a dividend payout of 20.15%.
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