Hindalco Industries rose 0.85% to Rs 172.35 at 12:35 IST on BSE, with the stock extending Wednesday's 1.21% gains triggered by US based aluminum major Alcoa Inc reporting better-than-expected Q2 earnings.
Meanwhile, the S&P BSE Sensex was down 111.28 points or 0.44% at 25,333.53.
On BSE, so far 5.40 lakh shares were traded in the counter as against average daily volume of 9.95 lakh shares in the past two weeks.
The stock was volatile. The stock rose as much as 2.1% at the day's high of Rs 174.50 so far during the day. The stock lost as much as 1.28% at the day's low of Rs 168.70 so far during the day.
Shares of Hindalco Industries have risen 2.07% in two trading sessions from a recent low of Rs 168.85 on 8 July 2014, after US based aluminum major Alcoa Inc reported better-than-expected Q2 earnings. The stock had risen 1.21% to settle at Rs 170.90 on Wednesday, 9 July 2014.
Alcoa on Tuesday, 8 July 2014, said its profits surged in the second quarter as the company's portfolio transformation continues accelerating. Excluding the impact of special items, net income was $216 million, or $0.18 per share in Q2 June 2014, more than double sequentially and nearly triple year-over-year.
Alcoa also increased its 2014 growth estimate for the North America commercial transportation market. Hindalco's unit Novelis Inc directly competes with Alcoa in the North American markets.
Hindalco Industries' net profit declined 48.5% to Rs 248.15 crore on 20.9% growth in net sales to Rs 8359.85 crore in Q4 March 2014 over Q4 March 2013.
Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the world's largest custom smelter at a single location.
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