Shares of Hindalco slip close to 15% in trade after its subsidiary Novelis reported its Q3 earnings. As of 9:50 AM, shares of Hindalco were down 13.7% at Rs 502.60. The stock hit a low of Rs 497 in the morning trade.
Novelis’ Q3 earnings remained positive with its EBITDA/tonne coming in higher at $499/tonne against $376/tonne in the same period earlier. The company’s net debt however has come in higher at Rs 4,679 crore due to higher capex plan. The street today is also disappointed because of further capex announcement. Novelis has upped its capex plan to $4.1 billion, which is 64% higher than its initial estimate.
Hindalco will also report its Q3 earnings today and the numbers are expected to be released during market hours.
