 "Hindalco surges 7% as arm Novelis reports strong Q1 results")
Hindalco has gained 7% to Rs 245, also its 52-week high on BSE in early morning trade, after its overseas subsidiary, Novelis Inc reported a four-fold jump in net income at $101 million for the first quarter of FY18 (Q1FY18). The company had posted net income of $24 million in the corresponding period of previous year.
"The year-over-year increase in net income is driven primarily by higher EBITDA ((Earnings before interest, taxation, depreciation and amortization) and lower interest expense following debt refinancing actions in fiscal 2017," the company said in a press release.
Net sales increased by 16%
"The year-over-year increase in net income is driven primarily by higher EBITDA ((Earnings before interest, taxation, depreciation and amortization) and lower interest expense following debt refinancing actions in fiscal 2017," the company said in a press release.
Net sales increased by 16%
