Hindalco falls as global aluminium prices decline

Hindalco Industries fell 1.91% to Rs 89.90 at 11:07 IST on BSE on worries increase in Chinese output could further weigh on aluminium prices.

Meanwhile, the BSE Sensex was down 64.43 points, or 0.25%, to 25,624.43

On BSE, so far 5.32 lakh shares were traded in the counter, compared with an average volume of 15.47 lakh shares in the past one quarter. The stock hit high of Rs 91.40 and low of Rs 89.30 so far during the day. The stock hit a 52-week high of Rs 145 on 11 May 2015. The stock 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 9 May 2016, gaining 4.33% compared with 4.11% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 31.02% as against Sensex's 6.94% rise.

The large-cap company has an equity capital of Rs 206.50 crore. Face value per share is Re 1.

Reports indicated that China's aluminium output increased to 84,500 tonnes per day in March, up from 71,400 tonnes per day in February. Aluminum prices have been on a sustained downtrend in the past few days. China is the world's largest consumer of steel, copper and aluminum.

Hindalco Industries will declare its Q4 March 2016 results on 28 May 2016. The company's net profit fell 88.7% to Rs 40.46 crore on 5.3% decline in net sales to Rs 8021.23 crore in Q3 December 2015 over Q3 December 2014.

A part of the Aditya Birla Group, Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is amongst the largest single location custom smelter globally.

Powered by Capital Market - Live News