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Hindalco gains after Alcoa earnings beat

reuters | Posted on 2014-07-9 05:59 AM

Reuters Market Eye - Shares of Hindalco Industries Ltd (HALC.NS) are trading sharply higher after U.S. rival Alcoa Inc (AA.N) reported better-than-expected earnings, several traders said.

Alcoa also increased its 2014 growth estimate for the North America commercial transportation market.

Shares of Hindalco, India's leading aluminium producer, rose as much as 5.1 percent to 177.6 rupees. Its unit Novelis Inc directly competes with Alcoa in the North American markets.

(Reporting by Indulal PM)

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