Hindalco shares tumble 3% after decline in Apr-Jun profits

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Published: August 9, 2019 4:38:38 PM

Shares of Hindalco Industries on Friday fell nearly 3 per cent after the company posted 27.9 per cent decline in consolidated profit for June quarter 2019.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.75% to its lowest since January. (Representational image)Hindalco Industries shares fall about 3% on a decline in quarterly profits

Shares of Hindalco Industries on Friday fell nearly 3 per cent after the company posted a 27.9 per cent decline in consolidated profit for June quarter 2019. The scrip declined 2.73 per cent to close at Rs 176.10 on the BSE. During the day, it dipped 4.22 per cent to Rs 173.40.
At the NSE, shares dropped 2.23 per cent to close at Rs 177.  Hindalco Industries on Friday posted 27.9 per cent decline in consolidated profit at Rs 1,062.89 crore for June quarter 2019 on the back of lower commodity prices and global downturn.

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The company had posted a profit of Rs 1,474.69 crore in the year-ago period, Hindalco Industries said in a filing to BSE. Revenue from operations in April-June dropped to Rs 30,268.20 crore from Rs 31,205.61 crore in the year-ago period. “While profits were impacted by the global downturn and lower commodity prices, Hindalco held its ground and delivered a steady performance,” the company said in a statement.

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