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Hindalco Industries share gains over 3% despite Q1 loss of Rs 709 crore

Hindalco Industries share gained 3.27% intra day to  Rs 189.45 on BSE

twitter-logoBusinessToday.In | August 14, 2020 | Updated 19:26 IST
Hindalco Industries share gains over 3% despite Q1 loss of Rs 709 crore
Hindalco Industries share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Hindalco Industries share on Friday gained over 3% despite the firm reporting a consolidated loss of Rs 709 crore for the quarter ended June 2020. The firm had posted a profit after tax (PAT) of Rs 1,063 crore in the April-June quarter a year ago.

The stock has gained 4.61% in the last 2 days. Hindalco Industries share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  The share gained 3.27% intra day to  Rs 189.45 on BSE. Later, the share ended 0.76% or Rs 1.40 higher at Rs 184.90 on BSE.

The firm said "Q1 consolidated PAT for continuing businesses before tax-effected exceptional and special items stood at Rs 139 crore". The Aditya Birla Group firm said that "on account of certain special items, including charitable contributions towards COVID relief, ex-gratia paid to employees for their contribution during COVID, and Aleris acquisition costs, the reported PAT was impacted".

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The company, as a consequence, reported a loss of Rs 709 crore for the quarter. "This also includes Rs 140 crore loss attributed to operations of Novelis (Lewisport and Duffel) that are in the process of divestiture," it said. Its consolidated revenue from operations during the April-June quarter dropped to Rs 25,283 crore, from over Rs 29, 972 crore in Q1 FY2019-20.

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Meanwhile, domestic benchmark indices ended 1%  lower each on Friday led by selling pressure in auto and banking stocks amid negative global equities. Sensex ended 433 points lower at 37,877 and Nifty fell 122 points to end at 11,178.

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