Mumbai: Shares of Hindalco Industries surged 5.2% after its US arm Novelis Inc reported better operations with improved margins for the quarter ended March, beating analysts’ estimates.
At 0115 pm, the Hindalco stock traded at ₹120.20 up 2.2% from previous close, while the benchmark Sensex was up 1.6% at 31951.06 points.
Novelis Inc reported a net income of $63 million for January-March, down 39% on year. For the FY20, income was at $420 million, down 3%.
The fall in income was primarily because of a $71 million loss on extinguishment of debt related to refinancing of senior notes in the fourth quarter of fiscal 2020.