Shares of Hindalco Industries gained as Novelis posted strong results.

The stock surged as much as 7.6 per cent to highest since February 2011. The stock is the top percentate gainer on the NSE index.

The company's unit Novelis' Q1 profit more than quadrupled to $101 mln, helped by debt refinancing activities, Hindalco had said in an exchange filing on Monday.

The company should be able to maintain both high spread and EBITDA margin between 10 per cent and 11 per cent driven by higher auto shipments in product mix, sustained operating cost efficiencies and benign LME aluminium prices, Edelweiss Research analysts wrote in a note

Novelis, which produces flat-rolled aluminium products, operates across North America, South America, Europe and Asia.