Hindalco Industries jumped 8.95% to Rs 58 at 14:31 IST on BSE after net profit rose 12.04% to Rs 719.95 crore in Q2 September 2008 over Q2 September 2007.
The stock hit a high of Rs 60.25 and low of Rs 54 so far during the day. The stock had touched a 52-week low of Rs 38.05 on 27 October 2008 and 52-week high of Rs 202.74 on 15 November 2007.
The company’s current equity is Rs 175.32 crore. Face value per share is Re 1.
The current price of Rs 58 discounts its Q1 June 2008 annualized EPS of Rs 22.72, by a PE multiple of 2.55.
Hindalco Industries' total income increased 15.42% to Rs 5859.95 crore in Q2 September 2008 over Q2 September 2007. The results were slightly higher than market expectations.
In Q2 September 2008, repaid $3.03 billion bridge loan taken to fund the acquisition of Novelis Inc on 16 May 2007. The repayment of the bridge loan was financed partly by way of rights issue of equity shares to the existing shareholders, and partly by way of term debt and internal accruals.
In October 2008, the company mopped up Rs 5047.68 crore through issue of 52.58 crore equity shares of Re 1 each on rights basis at a price of Rs 96 per share in the ratio if ratio of 3:7.
Hindalco has given a cautious outlook, saying its business will be impacted in the short term by the overall slowdown in the global economy. However long term market fundamentals remain strong. It added, the ramp up of brownfield expansions, enhanced asset productivity and containment of input cost along with effective working capital management to maximise free cash flow will be the major growth drivers.
Hindalco Industries is India's largest aluminium producer and is engaged in producing aluminium and semi- fabricated products.
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