Hindalco in demand on hopes of Novelis show

A leading brokerage company and friends of an operator, who was banned from the stock market a few years ago, were seen accumulating shares of Hindalco Industries on Wednesday.

According to sources, the broker and the operator expect Hindalco’s subsidiary Novelis to post decent quarterly numbers on Thursday. Novelis had reported a loss of $12 million for the December quarter.

“The operator and the brokerage firm have been acquiring Hindalco over the past 3-4 trading sessions,” said a dealer in Mumbai. Hindalco ended 0.4% higher at Rs 107.45 on BSE on Wednesday.