Hindalco falls after peer Alcoa disappoints on earnings, outlook

Shares in Industries fall 1.2 percent after its global peer Alcoa Inc, the largest

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U.S. aluminium producer, reported a massive quarterly loss on Thursday and gave a stagnant outlook on global aluminium demand.

Excluding the impairment charge of $1.7 billion on smelter acquisitions and other special items, Alcoa group earnings fell to $40 million, falling short of analysts expectations.

Alcoa said it expected global aluminium demand to grow 7 percent in 2014, consistent with its 7 percent growth in 2013.

Analysts tracking the sector say Alcoa's stagnant outlook on global demand for aluminium does not bode well for Hindalco's U.S. subsidiary Novelis Inc.

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