Hindalco falls after peer Alcoa disappoints on earnings, outlook

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

EDITORIAL OF THE DAY

  • Reservations, along with economic subsidies, must go to get India moving

    A young man, in his early twenties, starts an agitation demanding reservation for the community he represents.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

The China story isn’t over yet

China’s financial markets are currently in the eye of a ...

Anuja Sharma

Love yourself to love others

“There are two basic motivating forces: fear and love. When ...

Gautam Gupta

It's a 'blog eat blog' world out there

Let me tell you, fashion journalism has truly taken the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture