Hindalco shares ascend 8 percent


Hindalco shares ascend 8 percent
Bangalore: The Hindalco stock finished among the top gainers in the market after rising nearly eight percent, on a day in which Sensex saw a gain of 539 points. Having opened trade at 144.40, during the day the stock touched its 52 week high of 155.65, before closing at 153.20 with a gain of 7.77 percent over its previous close. Through the day, 5,472,332 Hindalco shares were traded in the market, with the current P/E ratio of the stock at 17.51. The 52 week stock price chart is on the left. Hindalco is an India-based company that operates in aluminum, copper, caustic and cellular services segments. Its products include aluminum ingots, aluminum rolled products, aluminum redraw rods, copper cathodes and continuous cast copper rods. The company's subsidiaries include Novelis Belgique SA, Novelis Benelux NV, Novelis do Brasil and Novelis PAE SAS. Recently, the company raised its product prices by an average of 3,500 per ton. It said that the price rise was in line with the trend in London Metals Exchange (3-month) futures. Out of the 27 analysts following the Hindalco stock currently, the consensus recommendation is to hold the stock, with seven analysts recommending a hold rating and seven analysts recommending a buy rating. Other metal stocks also had a good day in the markets with Tata Steel gaining 4.45 percent and National Aluminum Company going up 4.50 percent. Reliance Natural Resources Fund holds the highest number of Hindalco shares with 9,229,899 shares in its portfolio.