Hindalco share price: Hindalco share price surged nearly 5% to Rs 536 in Wednesday s intraday trade on BSE after the firms subsidiary Novelis filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).
The company reported net sales at $3.9 billion for the third quarter of fiscal year 2024, which decreased 6% versus the prior year period driven by lower average aluminum prices as shipments were in line with prior year levels.
Brokerage Prabhudas Lilladher remains positive on the stock and believes that Hindalco is best placed in the metals space on the improved operational performance of Novelis, opening up of captive coal mines, and rising focus on high-margin value-added products.
The Indian benchmark indices rose in trade today with the Nifty50 reclaiming the 20,000 mark and the BSE market cap climbing to the $4 trillion mark. Domestic brokerage house Religare Broking has come out with 3 technical picks.
Hindalco share price: The stock on Monday settled 2.70 per cent lower at Rs 484.05 on BSE. At this price, it has declined 4.86 per cent from its 52-week high of Rs 508.80, a level seen last week on September 14. Despite the said fall, the scrip has surged 34.91 per cent from its one-year low price of Rs 358.80, hit on September 28, 2022.