Aluminium makers drop as Moody's puts Alcoa ratings on review for downgrade

Sterlite Industries (India) (down 1.13% at 118.45), National Aluminium Company (down 0.31% at Rs 48.75), and Hindalco Industries (down 0.04% at Rs 129.30), edged lower.

Meanwhile, the BSE Sensex was down 24.71 points or 0.13% at 19,451.29.

Shares of Sterlite Industries (India) outperformed the market over the past one month till 19 December 2012, surging 24.02% compared with the Sensex's 6.2% rise. The scrip had also outperformed the market in past one quarter, jumping 17.57% as against Sensex's 5.3% gain.

Shares of National Aluminium Company outperformed the market over the past one month till 19 December 2012, surging 9.03 % compared with the Sensex's 6.2% rise. The scrip had, however, underperformed the market in past one quarter, sliding 9.53% as against Sensex's 5.3% gain.

 

Shares of Hindalco Industries outperformed the market over the past one month till 19 December 2012, surging 19.99% compared with the Sensex's 6.2% rise. The scrip had also outperformed the market in past one quarter, jumping 12.72% as against Sensex's 5.3% gain.

Moody's Investors Services on Tuesday, 18 December 2012, placed Alcoa's Baa3 senior unsecured rating, the lowest investment-grade level, under review for downgrade citing "challenging headwinds" for the company. "We do not see a material, sustainable improvement in aluminum prices over the next several quarters and expect Alcoa's earnings performance and debt-protection metrics to remain challenged", Moody's said.

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