🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Hindalco shares jump as US arm Novelis prepares for NYSE listing

Published 29-05-2024, 02:56 pm
Hindalco shares jump as US arm Novelis prepares for NYSE listing
HALC
-

Shares of Hindalco Industries Ltd. (NS:HALC) surged on Wednesday, topping the Nifty50 gainers list.

This uptick follows the announcement that Hindalco’s US-based aluminium products company, Novelis, will list on the New York Stock Exchange (NYSE).

Novelis to offer 45 million shares

Novelis will offer 45 million shares, representing a 7.5% stake, in its initial public offering (IPO) on the NYSE.

The shares are priced between $18 and $21 each. This move is expected to boost the company’s visibility and access to capital markets.

Hindalco shares up 0.75%

At 10 am BST, Hindalco shares were trading at ₹686.40 on the NSE, reflecting a 0.75% increase from the previous session’s closing price.

Over the last six months, Hindalco shares have risen by over 30% and are up 12% so far this year.

This article first appeared on Invezz.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.