04 MARCH 2016Business Standard
Hindalco jumps 15.44% in three sessions
Edited by : AL CIRCLE
2 min read
Hindalco Industries jumped 5.95% to INR 79.25 at 15:15 IST on BSE, with the stock extending recent gains after the finance minister in Union Budget 2016-17 hiked customs duty on primary aluminium and other aluminium products to check rising imports.
Meanwhile, the BSE Sensex was up 335.16 points, or 1.38%, to 24,578.14.
High volumes were witnessed on the counter. On BSE, so far 25.96 lakh shares were traded in the counter, compared with an average volume of 13.45 lakh shares in the past one quarter. The stock hit high of INR 79.75 and low of INR 75.55 so far during the day. The stock hit a 52-week high of INR 161.10 on 4 March 2015. The stock hit a 52-week low of INR 58.85 on 12 February 2016. The stock had outperformed the market over the past one month till 2 March 2016, gaining 9.04% compared with 1.21% decline in the Sensex. The scrip had also outperformed the market in past one quarter, declining 6.91% as against Sensex's 7.18% fall.
The large-cap company has an equity capital of INR 206.50 crore. Face value per share is INR 1.
The stock has jumped 15.44% in three sessions from a recent low of INR 68.65 on 29 February 2016 to its current ruling price of INR 79.25. The stock had declined 1.15% to settle at INR 68.65 on the budget day on 29 February 2016 in a weak market. Union Budget 2016-17 unveiled on 29 February 2016, addressed rising import issue of the aluminium sector by increasing the custom duty on primary aluminium to 7.5% from 5% and increasing the basic customs duty on other aluminium products to 10% from 7.5%. The increase in custom duty will help to check imports of aluminium and will help boost demand for local producers like Hindalco Industries. On the flip side, the reduction in export duty on bauxite to 15% from 20% would decrease domestic ore availability.
Hindalco Industries' net profit fell 88.7% to INR 40.46 crore on 5.3% decline in net sales to INR 8021.23 crore in Q3 December 2015 over Q3 December 2014.
A part of the Aditya Birla Group, Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is amongst the largest single location custom smelter globally.
Meanwhile, the BSE Sensex was up 335.16 points, or 1.38%, to 24,578.14.
High volumes were witnessed on the counter. On BSE, so far 25.96 lakh shares were traded in the counter, compared with an average volume of 13.45 lakh shares in the past one quarter. The stock hit high of INR 79.75 and low of INR 75.55 so far during the day. The stock hit a 52-week high of INR 161.10 on 4 March 2015. The stock hit a 52-week low of INR 58.85 on 12 February 2016. The stock had outperformed the market over the past one month till 2 March 2016, gaining 9.04% compared with 1.21% decline in the Sensex. The scrip had also outperformed the market in past one quarter, declining 6.91% as against Sensex's 7.18% fall.
The large-cap company has an equity capital of INR 206.50 crore. Face value per share is INR 1.
The stock has jumped 15.44% in three sessions from a recent low of INR 68.65 on 29 February 2016 to its current ruling price of INR 79.25. The stock had declined 1.15% to settle at INR 68.65 on the budget day on 29 February 2016 in a weak market. Union Budget 2016-17 unveiled on 29 February 2016, addressed rising import issue of the aluminium sector by increasing the custom duty on primary aluminium to 7.5% from 5% and increasing the basic customs duty on other aluminium products to 10% from 7.5%. The increase in custom duty will help to check imports of aluminium and will help boost demand for local producers like Hindalco Industries. On the flip side, the reduction in export duty on bauxite to 15% from 20% would decrease domestic ore availability.
Hindalco Industries' net profit fell 88.7% to INR 40.46 crore on 5.3% decline in net sales to INR 8021.23 crore in Q3 December 2015 over Q3 December 2014.
A part of the Aditya Birla Group, Hindalco Industries is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is amongst the largest single location custom smelter globally.
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