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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Hindalco Industries    HINDALCO   INE038A01020

HINDALCO INDUSTRIES

(HINDALCO)
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Exclusive: Novelis' $2.6 billion Aleris deal set for EU green light - sources

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08/29/2019 | 11:49am EDT
A staff checks finished aluminum coils at the facility of Novelis in Sierre, Switzerland

BRUSSELS (Reuters) - U.S. aluminium producer Novelis is set to secure EU antitrust approval for its $2.6 billion (£2.1 billion) bid for Aleris, people familiar with the matter said on Thursday.

Novelis, which is U.S.-based but owned by India's Hindalco Industries, has agreed to sell Aleris' Belgian plant, the people said, to address European Commission worries that the deal may reduce competition and lead to higher prices, hitting carmakers in particular.

The Commission, which is scheduled to decide on the case by Oct. 7, declined to comment.

Novelis, the world leader in aluminium rolled products and aluminium recycling, is seeking to diversify into the aerospace, automotive, beverage can and construction industries.

It had sought to ease regulatory concerns by offering to increase capacity and add 80 new jobs at Aleris' Duffel plant but the competition enforcer forced the company to offer a far-reaching package of concessions, the people said.

"We are working constructively with the European Commission with the continued aim of closing the transaction by the end of this calendar year. We have no additional comment at this time," Novelis said.

The company had previously dismissed suggestions of price hikes resulting from the deal, saying that rival aluminium and steel producers would fill the gap and furthermore customers were prepared to take their business elsewhere if that were to happen.

The deal also requires approval from U.S. and Chinese watchdogs.

(Reporting by Foo Yun Chee; Editing by Susan Fenton, Kirsten Donovan)

By Foo Yun Chee

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Financials (INR)
Sales 2020 463 B
EBIT 2020 24 954 M
Net income 2020 13 367 M
Debt 2020 397 B
Yield 2020 0,62%
P/E ratio 2020 9,64x
P/E ratio 2021 8,70x
EV / Sales2020 1,82x
EV / Sales2021 0,60x
Capitalization 446 B
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Mean consensus BUY
Number of Analysts 18
Average target price 235,89  INR
Last Close Price 200,35  INR
Spread / Highest target 43,7%
Spread / Average Target 17,7%
Spread / Lowest Target -15,1%
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Managers
NameTitle
Satish Pai Managing Director & Executive Director
Anil Kishan Kumar Malik President, Secretary & Compliance Officer
Kumar Mangalam Birla Chairman
Praveen Kumar Maheshwari Chief Financial Officer & Executive Director
Pradip K. Banerjee Chief Technology Officer
Sector and Competitors
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NORSK HYDRO ASA-14.97%7 811
HINDALCO INDUSTRIES LTD-8.46%6 291
ALUMINA LIMITED6.96%4 859
ALCOA CORPORATION-13.88%4 247