Hindalco misses forecast; stock reverses gains post Q2 results

NEW DELHI: Hindalco Industries Ltd reversed all its intraday gains of as much as 2.6 per cent on Tuesday, after the world's largest aluminium rolling company reported a 0.5 per cent year-on-year fall in the net profit number to Rs 357.11 crore for the quarter ended September 30.

The Adiya Birla Group company had reported a net profit of Rs 358.88 crore in the same quarter of the last fiscal year.

Analysts polled by ET Now had estimated the company to report a net profit of Rs 450 crore for the second quarter of the fiscal year ending 2014.

Shares of Hindalco surged as much as 2.6 per cent in trade ahead of its Q2 results. But, quickly pared gains and turned negative once the results were announced.

At 03:00 p.m.; Hindalco was trading 0.2 per cent lower at Rs 111.15. The stock fell as much as 1.2 per cent as soon as the company declared its quarterly results to touch its intraday low of Rs 110.05.

Total income increased by 4.5 per cent on a year-on-year basis to Rs 6,584.67 crore for the quarter ended September 30, as compared to Rs 6,295.89 crore reported in the year-ago period.