Hindalco Inds surges after better-than-expected Q2 results from Alcoa

Hindalco Industries has surged almost 5% to Rs 135 on the BSE after Alcoa Inc, the largest US aluminum producer, reported better-than-expected Q2 June 2016 results.

On BSE, so far 13.15 lakh shares were traded in the counter as against average daily volume of 13.63 lakh shares in the past one quarter. The stock hit a high of Rs 136.15 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 130 so far during the day. The stock had hit a 52-week low of Rs 58.85 on 12 February 2016.

The stock had outperformed the market over the past one month till 11 July 2016, surging 12.02% compared with Sensex's 3.72% rise. The scrip had also outperformed the market in past one quarter, advancing 39.74% as against Sensex's 10.41% rise.

Alcoa's consolidated net profit fell 3.57% to $135 million on 10% decline in revenue to $5.3 billion in Q2 June 2016 over Q2 June 2015. Alcoa attributed the decline in top line during the quarter to lower aluminum and alumina pricing and the impact of curtailed, divested and closed operations.

Hindalco Industries' US subsidiary Novelis is in the similar line of business as Alcoa.