Hindalco shares jump nearly 4%; m-cap rises by Rs 1,633 cr on Aleris deal

Shares of Hindalco today ended nearly 4 per cent higher after the company announced acquisition of American aluminium maker Aleris in a USD 2.58-billion leveraged deal through its overseas subsidiary Novelis.

The stock went up by 3.51 per cent to close at Rs 213.80 on BSE. Intra-day, it soared 6.68 per cent to Rs 220.35.

On NSE, the stock moved up by 3.60 per cent to settle at Rs 214.

The company's market valuation surged Rs 1,632.77 crore to Rs 48,003.77 crore on BSE.

In terms of equity volume, 12.63 lakh shares of the company were traded on BSE and over 3 crore shares changed hands on NSE during the day.

Birla group flagship Hindalco yesterday announced acquisition of Aleris that will help it diversify product offerings in the value-added products segment.

The acquisition, which comes a decade after the diversified Aditya Birla Group took over Novelis in a USD 6-billion transaction, will make Hindalco the second largest aluminium maker globally with a revenue of USD 21 billion and an annual capacity of 4.7 million tonne, chairman Kumar Mangalam Birla said.