Hindalco takes its crown jewel to the public
XX% of Hindalco’s consolidated revenue and XX% of its profits. It is the largest producer of aluminium sheets for beverage cans in the world outside of China, and has a significant share of the aerospace and specialty products market, thanks to its acquisition of Aleris.
The performance of Novelis has an outsized bearing on Hindalco’s shares. The Hindalco stock plunged as much as 15% last Tuesday after Novelis announced a 65% hike in capital investment for the Alabama plant.
The plant will now be completed at a cost of $4.1 billion, and delayed by a year. The Hindalco stock is yet to fully recover since.
It closed at ₹511.8 on the BSE on Tuesday, down 0.14%, while the benchmark Sensex index gained 0.48%. The Novelis IPO announcement came after market hours.Milestone Alert!
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