Hindalco is doing well today after it received an improved bid from Metal X to take over its subsidiary Aditya Birla Minerals. The company announced today that Metals X Ltd conditionally intends to increase its offer for Hindalco's subsidiary Aditya Birla Minerals Ltd to one MXL share for every 4.5 shares of ABML plus an additional 8 cents per ABY share in cash. ABML is listed on the Australian Stock Exchange.

Metal X is trying to gain control of its Nifty copper mine in the Great Sandy Desert. Metals X has put forward a $68 million bid for the same company in October’15 but at that time, it was rejected by Hindalco.