The opening of the markets saw a surge in Hindalco Industries, rising nearly 7% since the previous close. The other stocks which were in the green included VEDL, Tata Steel Bharti Airtel and Aurobindo Pharma. VEDL and Tata Steel rose by more than 3%. The stocks trading in the red included Infratel, IOC, Dr Reddy’s Lab, and NTPC down by more than 1% each. 29 stocks were advancing among the Nifty 50, while the remaining 22 registered declines in the morning trade.
Hindalco is trading up on the back of excellent results posted by its wholly owned subsidiary Novelis. The industrial aluminum company, headquartered in Atlanta, Georgia, United States Novelis is a leading producer of rolled aluminum and the global leader in beverage can recycling. The company had reported a net income of 101 million dollars. This amounts to a more than 300% rise in net income since the corresponding quarter in the previous fiscal.
The chief executive officer of Novelis Steve Fisher said, “As more and more automakers turn to aluminium solutions to produce the next generation of vehicles, we are actively looking at opportunities to increase capacity to support our customers and reinforce our leadership position in this growing market,” the chief executive officer of Novelis. The Hindalco stock was trading at Rs 241.30 on NSE in the morning.