Hindalco Industries, the Aditya Birla Group flagship company, witnessed a sharp rise on Thursday after Alcoa Inc reported a stronger-than-expected increase in third-quarter profit as higher aluminum prices and lower costs drove a recovery in its business unit that produces aluminum.
In the third quarter, Alcoa's net income rose to $149 million, or 12 cents a share, from $24 million, or 2 cents, even as it took restructuring charges for smelter closures. Third-quarter after-tax operating income in Alcoa's primary metals unit, which houses its aluminum mining, refining and smelting operations, jumped to $245 million from $8 million.
Shares of the company are trading at Rs 156.55, up Rs 7.75, or 5.21% at the Bombay Stock Exchange (BSE) on Thursday at 1:54 p.m.
The scrip has touched an intra-day high of Rs 157.75 and low of Rs 150.90. The total volume of shares traded at the BSE is 761,072.