Hindalco temporarily shuts down facilities; stock up 8%

In the U.S., Hindalco subsidiary Novelis has also partially shut down some of its plants as a result of the temporary shutdown measures of U.S. automakers in response to COVID-19.

Mar 25, 2020 08:03 IST India Infoline News Service

Hindalco
Hindalco informed the exchanges that in the unprecedented and continuously evolving situation arising out of the Covid19 (coronavirus) outbreak, Hindalco’s focus is on ensuring safety and business continuity within the guidelines issued by government and health authorities.

The Company has temporarily shut down or scaled down operations of some of the Aluminium and Copper manufacturing facilities in line with state government directives. Operations are being managed with minimal staff as part of the ongoing effort to practice social distancing. Several measures have been taken to protect the health and safety of the workforce.

The stock is trading higher by more than 8% on the NSE today.

In the U.S., Hindalco subsidiary Novelis has also partially shut down some of its plants as a result of the temporary shutdown measures of U.S. automakers in response to COVID-19. While Novelis temporarily ramps down aluminum supply for the automotive market during this period, these facilities will continue to produce aluminum for the beverage can and specialty markets.

As this complex and dynamic situation evolves, we are continuously monitoring the impact on the operations and financials of the company and taking necessary steps in the best interest of our people, customers and communities. We will keep all investors and stakeholders informed of any further steps taken.

Hindalco Industries Ltd is currently trading at Rs95.65 up by Rs6.85 or 7.71% from its previous closing of Rs88.80 on the BSE.

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