May 9, 2018 / 5:39 AM / 9 months ago

BUZZ-India's Hindalco gains on Novelis unit's strong quarter

** Shares of Hindalco Industries Ltd jump as much as 4 pct to 248.35 rupees, their highest since April 23

** Stock on track to gain for third straight session

** Co's U.S.-based unit Novelis Inc reported a 9 pct jump in qtrly adjusted EBITDA to $319 mln on Tuesday here

** HSBC says due to costs having been passed through, low exposure to Rusal metal (3 pct) and 57 pct recycled content, Novelis did not see any strong impact from the recent price volatility

** HSBC maintains positive outlook for Novelis’ business, citing its leadership position in beverage cans and rising share of automotive sheets

** Macquarie says Novelis’ Q4 addressed margins concerns, adding higher physical premiums and China’s tariff on U.S. scrap have positive impact on scrap spreads and margins for co

** Macquarie keeps ‘outperform’ on Hindalco and adds stock offers the most attractive risk-reward in the metals space

** HSBC maintains ‘buy’ with TP of 305 rupees

** Stock has fallen nearly 13 pct this year up to Tuesday’s close

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