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Valuation of Hindalco Industries, which was partly affected by the global metals meltdown and partly by the dip in the overall market sentiment, bounced back on Tuesday.

According to market sources, the company's loss-making copper division may report for the first time profit in the current quarter (April-June `06). Positive news flows regarding its copper mining subsidiary in Australia, proposed greenfield aluminium smelter in Madhya Pradesh and product price increase have also attracted quick return of interest in the stock.

The stock, which was ruling at Rs 215, had dipped to Rs 180 on Monday on the BSE. But, it gained 6.29 per cent at Rs 191 and recorded a volume of 26.29 lakh shares on Tuesday.

Jayanta Mallick

More Stories on : Stocks | Ear to the ground | Aluminium | Hindalco Industries Ltd

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