The Indian stock market edged higher intraday on February 13, 2024, following positive Asian cues. At 12:11 PM, Sensex was up 334 points at 71,407.25 while Nifty gained 72 points and was trading at 21,689.
Around 913 stocks advanced and 1428 declined while 95 stocks remained unchanged.
Among the sectors, buying was seen in banks, pharma, and oil & gas space. On the other hand, selling was witnessed in metal and realty space.
Reliance Industries share price edged higher on February 13 and became India’s first company to surpass Rs 20 lakh crore in market capitalisation. The stock hit a fresh record high of Rs 2,957 on the BSE.
Hindalco Industries: down 13.86% after Novelis December Quarter Earnings
The share price of Hindalco Industries witnessed a sharp decline of over 13 percent in its share price, triggered by the release of December quarter earnings by its US-based subsidiary, Novelis. The Bay Minette project’s return guidance underwent a substantial revision, now indicating double-digit figures as opposed to the previous mid-teens.
Novelis reported a 65 percent increase in the total capital cost for the Bay Minette project, along with a one-year delay. It has adjusted the estimated project cost to $4.1 billion. It now expects to commission it by the end of Calendar Year 2026 or 2HFY27.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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