Hindalco Rises Nearly 4% To Contribute Nearly 70% To The BSE Metal Gains

Aluminium manufacturing company, Hindalco Industries’ shares on Monday’s trading session rallied nearly 4% on the BSE. The stock hit its intraday high of Rs 198.95 and its intraday low of Rs 191.90 per share.

It is contributing nearly 70% to the BSE index gains and lifting it to higher levels. The BSE Metal index is trading at 11266 levels higher by 204 points or 1.85%.

The stock has delivered a staggering 122% returns in a period of one year and outperformed the BSE Sensex and BSE Metal indices over the same time span.

The company had recently announced the its wholly-owned subsidiary, Novelis Inc., a aluminium rolling and recycling company has entered into a joint venture agreement with Kobe Steel Limited, a producer of aluminium rolled products in Japan. 

The joint venture is to be named Ulsan Aluminium Limited, and will be formed by Novellis selling Kobe Steel 50% of its ownership interest in its Ulsan, South Korea facility for US $315 million.

Hindalco Industries Limited is a metals flagship company of the Aditya Birla Group, is the industry leader in aluminium and copper. With a consolidated turnover of US$17 billion, Hindalco is the world's largest aluminium rolling company and one of Asia's biggest producers of primary aluminium.

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