Hindalco Industries rose 2.42% to Rs 186.05 at 12:29 IST on BSE, with the stock extending Wednesday's gains triggered by a foreign brokerage upgrading the stock to buy from underperform.
Meanwhile, the S&P BSE Sensex was almost unchanged at 25,550.95.
On BSE, so far 6.93 lakh shares were traded in the counter as against average daily volume of 11.83 lakh shares in the past one quarter.
The stock hit a high of Rs 186.70 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 180.70 so far during the day. The stock hit a 52-week low of Rs 83.05 on 7 August 2013.
The stock had outperformed the market over the past one month till 16 July 2014, surging 12.79% compared with the Sensex's 1.43% rise. The scrip had also outperformed the market in past one quarter, jumping 34.21% as against Sensex's 14.69% rise.
The large-cap company has equity capital of Rs 206.47 crore. Face value per share is Re 1.
Shares of Hindalco Industries have risen 6.71% in two trading sessions from Rs 174.35 on 15 July 2014, after a foreign brokerage upgraded the stock to buy from underperform. The stock had risen 4.19% to settle at Rs 181.65 on Wednesday, 16 July 2014.
The brokerage cited positive outlook for aluminium prices, better margins at Hindalco's US subsidiary Novelis and balance sheet deleveraging as key reasons for upgrading shares of Hindalco Industries.
The government raised export duty on bauxite from 10% to 20% in Union Budget 2014-15. Increase in export duty on bauxite will be favourable for aluminium smelters like Hindalco and Sesa Sterlite who will benefit from the resultant increase in domestic bauxite supply.
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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