Hindalco Inds slumps after Novelis postpones IPO due to market conditiions

Hindalco Industries tumbled 5.26% to Rs 612.85 after the company's wholly owned subsidiary Novelis Inc. announced the postponement of its initial public offering due to market conditions.

"Novelis will continue to evaluate the timing of the offering in the future, the company said in a statement.

Novelis is the world's largest producer of aluminum rolled products. The company operates through four regional segments, North America, Europe, Asia and South America. Novelis is 100% owned by Hindalco Industries.

Hindalco Industries, the metals flagship of the Aditya Birla Group, is the world's largest aluminium rolling and recycling company, a major copper player, and one of Asia's largest producers of primary aluminium. In India, Hindalco's aluminium manufacturing units cover the complete value chain, from bauxite mining, alumina refining, coal mining, captive power generation and aluminium smelting, to downstream value-addition of aluminium rolling, extruding, and foil making.

The Aditya Birla Group companys consolidated net profit surged 31.65% to Rs 3,174 crore in Q4 FY24 as against Rs 2,411 crore posted in Q4 FY23. Revenue from operations rose marginally to Rs 55,994 crore in Q4 FY24 as against Rs 55,857 reported in the same period a year ago.

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