Satish Pai, MD, Hindalco, says this quarter the sales were much higher than expected. The demand was very strong, and operational efficiencies were good. The company got a higher number, but there was also some amount of hedge accounting noise that came in, which can always go either way. So, on a consistent onward-going basis, … Read more
Good morning! It’s Tuesday, July 23, 2024, and this is The Morning Shift, your daily roundup of the top automotive headlines from around the world, in one place. Here are the important stories you need to know. Tesla Had A Very Interesting Week 1st Gear: Musk Is Prioritizing AI Over Electric Vehicles If Tesla CEO … Read more
Shares of Hindalco jumped 2% on BSE in Wednesday’s trade to the day’s high of Rs 695 after the company’s arm Novelis filed to offer 45 million shares in the US initial public offering (IPO) with a price band of $18-21 per share. Novelis is owned by the Indian conglomerate Aditya Birla Group’s Hindalco and … Read more
Mumbai: Novelis Inc, the US-based aluminium products company of the Aditya Birla Group-controlled Hindalco Industries, is set to list on the New York Stock Exchange in around two weeks, people aware of the matter said. Novelis on Tuesday launched a roadshow for its proposed initial public offering (IPO), where Indian parent Hindalco plans to sell … Read more
Aluminium producer Novelis is seeking to raise as much as $945 million in a US IPO that could be another test for the resurgent market for first-time share sales.Novelis, owned by Kumar Mangalam Birla’s Hindalco Industries, plans to sell 45 million shares for $18-21 each, a filing on Tuesday showed. Hindalco will own about 92.5% … Read more
“I think that in Q1, we should probably do better than that because our cost of production is going to be a couple of percentage points lower than Q4,” says Satish Pai, MD, Hindalco.Let us first talk about the India operations. Your aluminium upstream shipments were flat on a sequential basis, but downstream and the … Read more
Hindalco Industries, the Aditya Birla Group’s metals flagship company, is likely to post muted revenues even though profitability is expected to edge higher. The company will announce its fourth quarter results later today. Revenue from operations during the January-March 2024 period is likely to decline up to 6% year-on-year, while profit growth is seen up … Read more
MUMBAI: Commodities tycoon Kumar Mangalam Birla plans to launch an IPO of his aluminium company, Novelis, in the US market, making the Aditya Birla Group the first Indian conglomerate to sell common shares to the public there.Novelis, however, will be the second company from the Aditya Birla stable to go for an overseas listing after … Read more
Mumbai: Shares of Hindalco Industries crashed by over 12% on Tuesday as a significantly higher spend on capex with lower expected returns for a facility being set up in the US is seen hurting its earnings. The shares saw their sharpest intraday fall in nearly four years to test a three-month low before closing at … Read more
BENGALURU: Hindalco Industries, one of the country’s largest aluminium and copper producers, reported on Friday a smaller-than-expected quarterly profit, dented by lacklustre aluminium prices and demand.The Aditya Birla Group-owned company, which operates in 10 countries, said its consolidated net profit fell to 21.96 billion rupees ($263.33 million) in the three-month period ended Sept.30, from 22.05 … Read more