Hindalco hits new high

Hindalco, which had closed on Friday at Rs.533.80, opened slightly with a positive gap at Rs.534.50 and soon went on to hit a new 52-week high at Rs.576.45. Volumes are up almost 2-times.

The company announced on Friday evening that it has entered into a share purchase agreement with Brazilian firm Terrabel Empreedimentos Ltda, to divest entire equity shareholding in Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB), the wholly owned step-down subsidiary.