Shares in Industries fell 1.2 per cent after its global peer Alcoa Inc, the largest U.S. aluminium producer, reported a massive quarterly loss on Thursday and gave a stagnant outlook on global aluminium demand.
Excluding the impairment charge of $1.7 billion on smelter acquisitions and other special items, Alcoa group earnings fell to $40 million, falling short of analysts' expectations.
Alcoa said it expected global aluminium demand to grow 7 per cent in 2014, consistent with its 7 perc ent growth in 2013.
Analysts tracking the sector say Alcoa's stagnant outlook on global demand for aluminium does not bode well for Hindalco's U.S. subsidiary Novelis Inc.
Copyright: Thomson Reuters 2014