Nalco, Hindalco soar on Aluminium giant Alcoa's earnings beat

NEW DELHI: Shares of Hindalco and Nalco surged in Tuesday’s trade after the world’s third-largest aluminium producer reported a beat in its Q2 earnings.

Alcoa’s earnings per share (EPS) grew 66 per cent for the quarter, its second quarterly earnings beat for the year. The aluminum giant has guided for a 6 per cent growth in September quarter.

A good earnings show historically reflects well on domestic aluminium giants such as Hindalco and Nalco much like Cognizant does for Indian IT firms.

Reacting to the development, Nalco zoomed 13.33 per cent to Rs 50.15. Hindalco climbed 4.81 per cent to Rs 135.30. The BSE metal index rose 2.87 per cent to 9,116.51.