Hindalco gains on bargain hunting

Hindalco Industries rose 1.94% to Rs 150 at 14:11 IST on BSE, with the stock reversing recent fall on bargain hunting.

Meanwhile, the BSE Sensex was down 204.30 points, or 0.83%, to 24,512.58

On BSE, so far 8.61 lakh shares were traded in the counter, compared with an average volume of 10.78 lakh shares in the past one quarter.

The stock hit a high of Rs 150.75 and a low of Rs 142 so far during the day. The stock hit a 52-week high of Rs 163.55 on 21 May 2014. The stock hit a 52-week low of Rs 83.05 on 7 August 2013.

The stock had underperformed the market over the past one month till 26 May 2014, rising 2.58% compared with 8.94% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 49.62% as against Sensex's 17.77% rise.

The large-cap company has an equity capital of Rs 206.46 crore. Face value per share is Re 1.

Shares of Hindalco Industries had declined 7.8% in three trading days to Rs 147.15 on 26 May 2014 from a recent high of Rs 159.60 on 21 May 2014.

Hindalco Industries US subsidiary Novelis reported its Q4 results on Friday, 16 May 2014. Novelis, the world leader in aluminum rolling and recycling, said net profit declined 8.47% to $54 million on 1.96% increase in net sales to $2549 million in Q4 March 2014 over Q4 March 2013. Net profit declined 48.51% to $104 million on 0.46% decline in net sales to $9767 million in the year ended March 2014 over the year ended March 2013.

Hindalco Industries will announce its Q4 results on Thursday, 29 May 2014. The company's net profit declined 23% to Rs 333.98 crore on 4% growth in total income to Rs 7477.28 crore in Q3 December 2013 over Q3 December 2012.

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 the world's largest custom smelter at a single location.

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