Hindalco gains 5% after unit Novelis' Q4 results; brokerages maintain 'buy'

Novelis informed that its net income attributable to its common shareholder came in at $63 million for the quarter under review, down 39 per cent year-on-year (YoY

Shares of Hindalco Industries climbed over 5 per cent to Rs 123.65 apiece in the intra-day deals on the BSE on Friday, a day after its subsidiary Novelis reported better-than-expected results for the quarter ended March 2020 (Q4FY20).

At 11:22 am, the stock was trading 2.68 per cent higher at Rs 120.70 apiece on the BSE as compared to 1.66 per cent rise in the benchmark S&P BSE Sensex.

In its press release, Novelis informed that its net income (profit) attributable to its common shareholder came in at $63 million for the quarter under review, down 39 per cent year-on-year