Novelis Inc., wholly owned subsidiary of Hindalco Industries, today announced the postponement of its initial public offering due to market conditions. Novelis will continue to evaluate the timing of the offering in the future.Powered by Capital Market - Live News

Net profit of Hindalco Industries rose 31.65% to Rs 3174.00 crore in the quarter ended March 2024 as against Rs 2411.00 crore during the previous quarter ended March 2023. Sales rose 0.25% to Rs 55994.00 crore in the quarter ended March 2024 as against Rs 55857.00 crore during the previous quarter ended March 2023.For the full year,net profit rose 0.57% to Rs 10155.00 crore in the year ended March 2024 as against Rs 10097.00 crore during the previous year ended March 2023. Sales declined 3.24% to Rs 215962.00 crore in the year ended March 2024 as against Rs 223202.00 crore during the previous year ended March 2023. ParticularsQuarter EndedYear Ended�Mar. 2024Mar. 2023% Var.Mar. 2024Mar. 2023% Var. Sales55994.0055857.00 0 215962.00223202.00 -3 OPM %11.939.54 -11.0510.15 - PBDT6154.004695.00 31 21512.0020286.00 6 PBT4136.002839.00 46 13991.0013200.00 6 NP3174.002411.00 32 10155.0010097.00 1 Powered by Capital Market - Live News

Hindalco Industries announced that the Board of Directors of the Company at its meeting held on 24 May 2024, has recommended a Final dividend of Rs.3.50 per share (i.e.350%), subject to the approval of the shareholders.Powered by Capital Market - Live News

The Board of Hindalco Industries has approved an acquisition of fabrication facility of Home Build Tech India (HBT), by way of entering into a binding MoU. The acquisition shall be effectuated through a Special Purpose Vehicle [to be incorporated as a wholly owned subsidiary of the Company], as a part of the transaction. The cost of acquisition is Rs 34 crore. Powered by Capital Market - Live News

Hindalco Industries announced that its wholly owned subsidiary, Novelis Inc. has filed the registration statement on Form F-1 with the Securities and Exchange Commission relating to the proposed Initial Public Offering of its common shares. Novelis Inc. intends to list its common shares on the New York Stock Exchange under the ticker symbol `NVL`. The number of shares to be offered and the price range for the proposed offering have not yet been determined.The common shares are expected to be offered by Novelis` sole shareholder i.e., A V Minerals (Netherlands) N.V., also, a fully owned subsidiary of Hindalco Industries. Novelis Inc. will not receive any proceeds from the sale of common shares by its sole shareholder.Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.Powered by Capital Market - Live News