Aditya Birla Group company Hindalco on Thursday announced a 37 per cent rise in revenue for the quarter ended June at Rs 7,996 crore, compared with Rs 5,838 crore in the corresponding period last year.
Metal stocks gained ground on Thursday with the S&P BSE Metal index rallying nearly 2.5 per cent and outperforming the benchmark indices - the S&P BSE Sensex and the CNX Nifty - that ended flat after remaining range-bound for most part of the day.
Hindalco Industries has rallied 7% to Rs 176, also its highest level since July 2011 on NSE, after CLSA upgraded the stock to buy from sell rating with a target price of Rs 215.Brokerage house CLSA forecast stock will double in 4 years on
Aluminium maker Hindalco Industries reported a standalone net profit of Rs 248 crore for the quarter ending March 2014, near half of the Rs 482 crore in the corresponding period of the previous year as a one-time loss of Rs 396 crore on tax issues shrunk
Shares of metal companies are trading firm in otherwise subdued market with the S&P BSE Metal Index hitting a two-year high today. In past three trading sessions, the index has rallied 10% as against 2% rise in benchmark index.
The markets seem to have taken a pause as they seek to digest the stupendous gains witnessed in the past week till Monday. The Sensex is quoting at 24,402, higher by a modest 43 points and the Nifty is at 7,282, up 19 points.
Shares of metal companies are under selling pressure after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), declined for the fifth straight trading session on Thursday, May 1, 2014.Jindal Steel and Power (JSPL), Tata Steel, Hindalco
Utkal Alumina International Limited (UAIL), a subsidiary of Aditya Birla Group owned Hindalco Industries, is looking at alumina production of one million tonne in 2014-15 from its refinery at Kashipur in south Odisha's Rayagada district.
The markets resumed their election-led euphoria, after the brief interlude in the past three trading sessions, led by secular buying in index heavyweights and a rebound in the hitherto-beaten IT stocks.
Even as the deadline for completing the coal allocation scam probe is fast approaching, the Central Bureau of Investigation (CBI) is yet to take a call on whether to call industrialist Kumar Mangalam Birla for questioning.
The Central Bureau of Investigation (CBI) is still indecisive on whether it will call industrialist Kumar Mangalam Birla for questioning, even as the agency is just two weeks away from the deadline of completing the coal probe.