Hindalco dips 7%, hits 8-week low on disappointing Novelis's Q2 numbers

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Hindalco dips 7%, hits 8-week low on disappointing Novelis's Q2 numbers - Business Standard

Quick Summary:

The decline in Ebitda was primarily driven by less favorable metal benefits due to a relatively rapid rise in aluminum scrap prices, unfavorable product mix, and a $25 million impact at Sierre.

Consequently, Hindalco’s financials will also be impacted given that Novelis contributes 60 per cent and 56 per cent of Hindalco’s consolidated sales and Ebitda.

Meanwhile, the company's board of directors of Hindalco is scheduled to meet on Monday, November 11, 2024, to consider and approve the unaudited financial results of the company for the quarter and half-year ended September 30, 2024.