Hindalco in the limelight
After a long time, Hindalco is in the spotlight. The stock opened higher at Rs.1-6.50 and is currently up almost 2% at Rs.107.20.
The stock is in the green today after its subsidiary, Novelis on 14th May reported a good set of numbers. Excluding tax-effected certain items, its net income for fiscal 2013 was $241 million v/s $218 million on YoY. Net sales for fiscal 2013 were $9.8 billion, an 11% decrease compared to the $11.1 billion reported in the same period a year ago. This decline was due to lower average aluminum prices and lower shipments when compared to last year. For Q4FY13, sales were $2.5 billion compared to $2.6 billion (YoY) and net income, excluding tax-effected certain items, was $80 million, a $55 million increase. Sequentially, the performance has been good, with EBIDTA rising 30%. Hindalco is scheduled to delcare its Q4 and FY13 numbers on 28th May.