Hindalco gains 3% as Novelis renews contract

Hindalco Industries is trading higher by 3% at Rs 127, extending its Tuesday’s 4% rally, after Novelis Inc, also part of the Aditya Birla Group, renewed its can-body sales agreement with Coca-Cola Bottlers' Sales & Services Company (CCBSS).

Novelis and CCBSS, on Tuesday announced the signing of a multi-year agreement for the supply of aluminum can sheet. The agreement took effect January 1, 2012. The two companies have also agreed to dismiss all pending litigation relating to the previous contractual terms, reports suggest.

A combined 2.01 million shares have changed hands on the counter in morning deals on the NSE and BSE.