High input costs leading to margin pressure, lower-than-expected realisations are among downside risks
At 10:36 am; Nifty Metal index was the top gainer among sectoral indices, up 4.4 per cent, as compared to 1.3 per cent rise in the Nifty50 index.
In Q4, Novelis reported 15 per cent YoY decline in adjusted EBITDA at $431 million primarily due to short-term operational cost challenges.
The new facility will increase Novelis's, unit of Hindalco, recycling capacity to 90 billion cans globally, from 74 billion currently
The metal index on the NSE has tumbled 14 per cent so far from its historic peak and continues to drift lower
According to the technical analyst from Anand Rathi, Hindalco has found support around its 200-DEMA, and seems poised for a potential reversal in the short-term.
Birla-owned Hindalco Industries will invest the amount mainly across its businesses in India and North America
The management sees strong demand for aluminum from major segments like Beverage Can, Automotive Body Sheet, Specialties, and Aerospace.
Higher aluminium prices, tighter supplies and lower debt are positive triggers
Russia produces about 6 per cent of the world's aluminium and accounts for about 7 per cent of global nickel mine supplies
The company said that it reported its highest net profit in Q3 FY22, surpassing all previous quarterly performances
Consolidated revenue from operations rose 44% to Rs 50,272 cr
The Nifty Metal index can clock a new high, if it manages to cross and sustain above the 6,000-mark.
This government has allocated Rs 7.5 trillion towards capital expenditure, up 35.4 per cent higher compared to the previous year's figure of Rs 5.5 trillion.
Once the facility become fully functional, it is likely to generate 140 new jobs in Kentucky.
Firm prices, deleveraging, and supply cuts by peers among triggers
The technical & derivative analyst from HDFC Securities recommends buying SAIL and and Hindalco
Though volatile, most analysts don't expect prices to decline further