|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||386.15 - 401.00|
|52-week range||308.95 - 636.00|
|Beta (5Y monthly)||1.25|
|PE ratio (TTM)||38.85|
|Earnings date||24 May 2023 - 29 May 2023|
|Forward dividend & yield||4.00 (0.92%)|
|Ex-dividend date||11 Aug 2022|
|1y target est||N/A|
BENGALURU (Reuters) -Hindalco Industries, one of India's largest aluminium and copper companies, reported a bigger-than-expected drop in quarterly profit on Thursday due to high costs and lower prices, but expects "much better" results in the current quarter. Hindalco, owned by conglomerate Aditya Birla Group, said consolidated net profit slumped 63% to 13.62 billion rupees ($165 million) in the third quarter ended Dec. 31. Hindalco, which operates in 10 countries, said revenue from operations climbed 5.7% to 531.51 billion rupees, but that was more than negated by a roughly 15% jump in total expenses.
A division of Norsk Hydro supplying aluminium products to industries including auto and construction will exclude Russian metal from deals to buy aluminium for 2023, the Norwegian company told Reuters. Companies with contracts for this year, agreed in 2021, have continued to buy Russian producer Rusal's aluminium, the world's largest producer outside China, but for next year some are already looking elsewhere. Novelis, a subsidiary of Hindalco Industries, confirmed to Reuters that it had issued a tender to buy aluminium stating that no Russian aluminum would be accepted.
Russia's Rusal is the world's third largest producer of the metal used in the transport, packaging and construction industries. Consumers and producers of aluminium usually strike deals for the next year in the autumn. Novelis, a subsidiary of India's Hindalco, issued a tender this week for 2023 supply to its European plants that specified no metal of Russian origin would be allowed as part of any deals, Bloomberg reported, citing Novelis.