Hindalco Industries slips as operations at Muri plant suspended temporarily

Hindalco Industries fell 1% to Rs 214.65 at 10:05 IST on BSE after the company said that it has temporarily suspended operations at the alumina plant situated at Muri in Jharkhand due to an incident on 9 April 2019.

Meanwhile, the S&P BSE Sensex was down 21.10 points, or 0.05% to 38,918.12.

On the BSE, 1.21 lakh shares were traded in the counter so far compared with average daily volumes of 3.41 lakh shares in the past two weeks. The stock had hit a high of Rs 216 and a low of Rs 210.70 so far during the day. The stock hit a 52-week high of Rs 267.35 on 19 April 2018. The stock hit a 52-week low of Rs 182.55 on 15 February 2019.

Hindalco Industries announced that there was an incident in the red mud (bauxite residue) storage area connected to the alumina plant situated at Muri in Jharkhand on 9 April 2019. The incident involved a spillage in the red mud cake storage area.

As a precautionary measure, operations have been temporarily suspended to assess the situation. Preliminary investigations indicate no material impact on the surrounding environment or to property. Efforts are ongoing to clear the spillage. Four persons with minor injuries have been treated, and one contract workman is missing. This incident is not expected to have any material impact on the company's performance, the company said.

Net profit of Hindalco Industries declined 34.39% to Rs 247.46 crore on 8.25% rise in net sales to Rs 11937.74 crore in Q3 December 2018 over Q3 December 2017.

Hindalco Industries, metals flagship company of the Aditya Birla Group, is the industry leader in aluminium and copper.

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