The share sale would lead to a dilution of 7.9% to 8.1% of post issue capital
After better-than-expected operating performance by Novelis, local operations post good gains
Despite recent fall in aluminium prices, expected improvement in profitability and debt reduction keep Street bullish
Improving profit, higher free cash flows will help retire debt
Net sales fell 13% at Rs 7,597 cr due to weakness in copper business
The stock rallied 6% to Rs 152 in intra-day trade, its highest level since March 5, 2015 on the BSE.
With a career that saw the company's sales grow multifold, and helped acquire Novelis, Bhattacharya is set to hand over the baton to Satish Pai
Total expenses of the firm were lower at Rs 95,537.82 crore against Rs 98,927.09 crore in the year-ago quarter
The stock hit a high of Rs 136.15 so far during the day, which is a 52-week high for the counter
Further gains will hinge on global aluminium prices, debt reduction, as most positives seem priced in