12 JANUARY 2014www.moneycontrol.com
Hindalco falls post peer Alcoa letdown on earnings
Edited by : AL CIRCLE
1 min read
Shares in Hindalco Industries fall 1.2 percent after its global peer Alcoa Inc, the largest US aluminium producer, reported a massive quarterly loss on Thursday and gave a stagnant outlook on global aluminium
demand. Excluding the impairment charge of USD 1.7 billion on smelter acquisitions and other special items, Alcoa group earnings fell to USD 40 million, falling short of analysts expectations.
Alcoa said it expected global aluminium demand to grow 7 percent in 2014, consistent with its 7 percent growth in 2013.
Analysts tracking the sector say Alcoa's stagnant outlook on global demand for aluminium does not bode well for Hindalco's US subsidiary Novelis Inc.
demand. Excluding the impairment charge of USD 1.7 billion on smelter acquisitions and other special items, Alcoa group earnings fell to USD 40 million, falling short of analysts expectations.
Alcoa said it expected global aluminium demand to grow 7 percent in 2014, consistent with its 7 percent growth in 2013.
Analysts tracking the sector say Alcoa's stagnant outlook on global demand for aluminium does not bode well for Hindalco's US subsidiary Novelis Inc.
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