Hindalco shares fall over 3% after Q3 results
Shares of Hindalco Industries today fell by over 3 per cent after the company reported nearly 4 per cent decline in standalone net profit for the third quarter ended December 31, 2012.
After falling nearly 4 per cent in intra-day trade, shares of the company finally ended at Rs 109.75, down 3.18 per cent on the BSE.
"Hindalco's top-line and bottom-line results were below our expectations," said Bhavesh Chauhan, Senior Research Analyst, Angel Broking.
Hindalco Industries today reported nearly 4 per cent decline in standalone net profit at Rs 433.52 crore for the December quarter, largely due to subdued sales and sharp increase in finance costs.
The flagship firm of the Aditya Birla group had reported net profit of Rs 450.69 crore in the same period last fiscal.
Company's revenues from aluminium business were down nearly 1 per cent to Rs 2,215.45 crore, while revenues from copper business were up 5.49 per cent to Rs 4,660.84 crore in the quarter.
In the stock market, the BSE benchmark Sensex ended at 19,484.77, down 95.55 points.
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