Hindalco Rockets 7% Following Pact with Italian Firm

Hindalco Rockets 7% Following Pact with Italian Firm

Hindalco Industries, the world’s largest aluminum rolling and recycling company, hits a 52-week high at Rs 508.80, up 5% on the BSE due to a significant increase in trading volumes.

The Aditya Birla Group company’s stock has surged 7% in the last two trading days after announcing a partnership with Italy’s Metra SpA for high-speed aluminum rail coach production in India.

At 11:19 AM, the stock stands at Rs 503.45, a 4% increase compared to Sensex’s 0.05% rise. Approximately 9.6 million equity shares have changed hands on the NSE and BSE.

Hindalco’s statement emphasizes the partnership’s importance in bringing advanced technology to India, benefiting the Indian Railways upgrade program.

Indian Railways is currently overhauling its infrastructure, including rail lines, stations, and high-speed carriages like the Vande Bharat trains, setting a new standard for comfort and speed.

To contribute to the Vande Bharat train project, Hindalco plans a Rs 2,000 crore investment, while the technology alliance will provide cutting-edge expertise. The company also intends to introduce three new freight wagon designs targeting specific commodities.

Novelis, a subsidiary of Hindalco, foresees a 3% annual growth in global demand for aluminum beverage can sheets from 2022 to 2031, driven by consumer preference for sustainability and a wider range of beverages packaged in cans. This includes water, energy drinks, soda, beer, wine, hard seltzers, and ready-to-drink cocktails.

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