August 7, 2018 / 6:35 AM / 2 months ago

BUZZ-India's Hindalco rises on Aleris Q2 results

** Shares of Hindalco Industries Ltd rise as much as 3 pct to 222.55 rupees

** Aluminium processor Aleris Corp posted higher qtrly results on Monday

** Co’s U.S. unit Novelis Inc said late last month it would buy Aleris for $2.6 bln

** Favourable Q2 results indicate that (Novelis-Aleris) deal on track to achieve expected synergies - an analyst with a domestic brokerage said

** Twenty six of 28 brokerages covering Hindalco rate it “Buy” or higher and 2 “Hold” or lower, median PT is 305 rupees - Thomson Reuters data

** More than 13.1 mln shares change hands, vs their 30-day moving avg of 11.8 mln shares

** Since Novelis-Aleris deal was announced on July 26, Hindalco stock has risen 7.7 pct up to current session’s high, but was down 21 pct this year up to last close

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