Hindalco Industries rose 5.85% to Rs 157.50 at 11:01 IST on BSE after US based aluminum major Alcoa Inc reported better-than-expected Q3 earnings.
Meanwhile, the BSE Sensex was up 315.99 points, or 1.20%, to 26,562.78.
On BSE, so far 4.21 lakh shares were traded in the counter, compared with an average volume of 9.95 lakh shares in the past one quarter.
The stock hit a high of Rs 157.60 and a low of Rs 150.90 so far during the day. The stock hit a 52-week high of Rs 198.70 on 25 July 2014. The stock hit a 52-week low of Rs 96.95 on 24 February 2014.
The stock had underperformed the market over the past one month till 8 October 2014, falling 14.29% compared with 3.93% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.87% as against Sensex's 2.60% rise.
The large-cap company has an equity capital of Rs 206.49 crore. Face value per share is Re 1.
Alcoa Inc reported a stronger-than-expected increase in third-quarter profit on Wednesday, 8 October 2014, as higher aluminum prices and lower costs drove a recovery in its business unit that produces aluminum.
In the third quarter, Alcoa's net income rose to $149 million, or 12 cents a share, from $24 million, or 2 cents, even as it took restructuring charges for smelter closures. Third-quarter after-tax operating income in Alcoa's primary metals unit, which houses its aluminum mining, refining and smelting operations, jumped to $245 million from $8 million. It also benefited from an increase in average realized prices to $2,538 a tonne from $2,180.
Hindalco Industries' net profit declined 30.9% to Rs 327.50 crore on 37.5% growth in net sales to Rs 7930.55 crore in Q1 June 2014 over Q1 June 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.
Powered by Capital Market - Live News
