Hindalco Industries fell 1% to Rs 198.60 at 10:13 IST on BSE after wholly-owned subsidiary, Novelis, reported a 5.5% decline in net income to $103 million in Q4 March 2019 over Q4 March 2018.
Hindalco Industries made the announcement after market hours yesterday, 8 May 2019.On the BSE, 1.18 lakh shares were traded in the counter so far compared with average daily volumes of 2.64 lakh shares in the past two weeks. The stock had hit a high of Rs 202 and a low of Rs 197.55 so far during the day. The stock hit a 52-week high of Rs 259.70 on 4 October 2018. The stock hit a 52-week low of Rs 182.55 on 15 February 2019.
Novelis, the wholly-owned subsidiary of Hindalco Industries, posted a 5.5% decline in net income at $103 million in the quarter ended on 31 March 2019. It posted a net income of $109 million in the year-ago period, Hindalco said in a filing to BSE. Net sales increased 1% over the prior year to $3.1 billion in the fourth quarter of fiscal 2019, driven by higher total shipments, partially offset by lower average aluminum prices.
Shipments of flat rolled products increased 8% to 870 kilotonnes. Adjusted EBITDA for the fourth quarter of fiscal 2019 increased 12% to $357 million as compared to $319 million in the prior year. This increase reflects the favorable impacts from higher shipments, improved product mix, and favorable metal costs.
Novelis Inc. is a leading producer of rolled aluminum and the global leader in beverage can recycling.
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