Hindalco shares jump nearly 7% on Aleris deal
New Delhi: Shares of Hindalco today surged nearly 7 per cent after the company announced acquisition of American aluminium maker Aleris in a USD 2.58-billion leveraged deal through its overseas subsidiary Novelis.
The stock after a positive opening further jumped 6.68 per cent to Rs 220.35 on BSE.
On NSE, shares of the company soared 6.89 per cent to Rs 220.80.
Birla group flagship Hindalco yesterday announced acquisition of Aleris that will help it diversify product offerings in the value-added products segment.
The acquisition, which comes a decade after the diversified Aditya Birla Group took over Novelis in a USD 6-billion transaction, will make Hindalco the second largest aluminium maker globally with a revenue of USD 21 billion and an annual capacity of 4.7 million tonne, chairman Kumarmangalam Birla said.