Hindalco jumps on hike in bauxite export duty

Hindalco Industries surged 3.63% to Rs 172.50 at 12:40 IST on BSE as the finance minister in the Union Budget 2014-15 presented on 10 July 2014, announced increase in export duty on bauxite from 10% to 20%.

Meanwhile, the S&P BSE Sensex was down 63.72 points or 0.25% at 24,960.63.

On BSE, so far 4.74 lakh shares were traded in the counter as against average daily volume of 11.71 lakh shares in the past one quarter.

The stock hit a high of Rs 173.95 and a low of Rs 165.25 so far during the day. The stock hit a 52-week high of Rs 184.65 on 10 July 2014. The stock hit a 52-week low of Rs 83.05 on 7 August 2013.

The stock had outperformed the market over the past one month till 11 July 2014, advancing 2.37% compared with Sensex's 1.76% fall. The scrip had also outperformed the market in past one quarter, jumping 18.47% as against Sensex's 10.59% rise.

The large-cap company has equity capital of Rs 206.47 crore. Face value per share is Re 1.

Finance Minister Mr. Arun Jaitley in the Union Budget 2014-15 presented on 10 July 2014, announced hike in export duty on bauxite from 10% to 20%.

Increase in export duty on bauxite will be favourable for aluminium smelters like Hindalco and Sesa Sterlite who will benefit from the resultant increase in domestic bauxite supply.

Shares of Hindalco Industries had jumped 3.16% to settle at Rs 176.30 on 10 July 2014, the day of Union Budget 2014-15. The stock had however, declined 5.59% to settle at Rs 166.45 on Friday, 11 July 2014, in a weak market.

Hindalco Industries' net profit declined 48.5% to Rs 248.15 crore on 20.9% growth in net sales to Rs 8359.85 crore in Q4 March 2014 over Q4 March 2013.

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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