Hindalco Slips 0.87% On Profit Booking

The Nifty Metal index is trading lower by 0.87% at 2972 level. The metal index has been witnessing profit booking in the Wednesday’s trading session.

The major metal stocks like Vedanta Limited, SAIL, Hindustan Zinc, Jindal Steel, Tata Steel, Hindalco are trading in red zone.

Despite reporting strong quarterly results, Hindalco Industries Limited is trading in negative territory. The company reported around 25.6% rise in profits probably due to lower raw material costs and higher prices of aluminium.

The company’s revenue from Aluminium business has grown by around 9.4%, as reported by the leading business news agency.

Hindalco is the top third performer in the Nifty metal index for the past twelve months after Vedanta and Jindal Steel. Hindalco is seen to be the second most preferred stock after Vedanta in the Indian equities market.

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About Suhani Varma

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