Hindalco Industries Ltd. (HNDL), India’s second-largest aluminum maker, declined in Mumbai trading after U.S. unit Novelis Inc. reported a fourth-quarter loss.
The shares fell as much as 2 percent to 108.35 rupees and traded at 109.70 rupees as of 10:10 a.m. local time.
Novelis yesterday reported a loss of $107 million in the three months ended March 31, citing lower shipments to Europe and declining prices, compared with net income of $50 million a year earlier. Sales fell 12 percent to $2.6 billion. Mumbai- based Hindalco had reported a better-than-expected fourth- quarter profit on May 8 as higher sales and copper-refining fees countered lower prices.
Demand started to recover from the third quarter and the trend may continue in the current financial year, Steve Fisher, chief financial officer of Novelis, said in the statement yesterday.
To contact the reporter on this story: Abhishek Shanker in Mumbai at firstname.lastname@example.org
To contact the editor responsible for this story: Rebecca Keenan at email@example.com