Hindalco at 23 months high and gains over 100% in a year after Novelis earning reports

<p>Hindalco Industries shares were up 3% at INR 172 on BSE, trading at its highest level since December 2014(23 months high), after the company&rsquo;s subsidiary Novelis reported adjusted EBITDA of $270 million in comparison to $182 million in the same period of 2015. Excluding metal price lag in both periods, this recorded a growth of 14%.&nbsp;<span id=":av.co" class="tL8wMe EMoHub" style="text-align: left;" dir="ltr">At 9.50am on Tuesday, the stock was trading at Rs172 on the BSE, up 2.5% from its previous close.</span> Notably, on Tuesday November 8 Hindalco Industries Ltd became the first Nifty index company in 2016 to gain over 100% so far this year.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/hindalco(1).jpg" alt="News" width="517" height="226" /><br />On Saturday, November 12, 2016, the board of directors of the company is expected to meet to consider the unaudited financial results of the company, for Q2FY17.<br /><br />According to Motilal Oswal Securities forecast, &ldquo;Hindalco&rsquo;s consolidated EBITDA is estimated to increase 4% QoQ to INR 3,100 crore, led by Novelis as well as improved performance in copper division.<br /><br />{googleAdsense}<br /><br />Antique Stock Broking forecasts the company&rsquo;s standalone revenues to improve by 3.3% YoY with higher aluminium volumes slightly offset by lower aluminium and copper prices.<br /><br />According to a Bloomberg forecast, the company is expected to post a net profit of INR 367.50 crore.<br /><br />Despite slow performance in the can sheet segment, Novelis is able to maintain its quarterly EBITDA due to support from the automotive division.<br /><br />Commenting on Hindalco&rsquo;s performance, brokerage Motilal Oswal said, &ldquo;Indian business will benefit from strong LME (pushed up by rally in coal and alumina prices) and visibility of cost due to domestic supply of coal and captive bauxite/alumina.&rdquo;</p>