Shares of Aditya Birla Group company Hindalco Industries gained as much as 2% to their day's high of Rs 1,067 on the BSE on Wednesday after its US subsidiary Novelis said it plans to restart the hot mill at its Oswego facility in the United States earlier than initially expected, even as it anticipates a bigger hit to cash flows from the fires at the plant. Novelis also said it expects higher savings from its cost-reduction initiatives over the medium term.
Novelis reported a net loss of $84 million for the fourth quarter, compared with a net profit of $294 million in the year-ago period.
