India's Hindalco drops as Constellium's warning seen dire for Novelis unit

Constellium SE

24/10/2024 05:57

** Shares of India's Hindalco Industries  HALC.NS  drop 5%,
set for worst day since Aug. 5  
    ** Aluminium producer among top Nifty  .NSEI  50 losers,
dragging metals  .MIFTYMET  0.5% lower
    ** Frances's Constellium  CSTM.N  is considered nearest
proxy for Novelis  NVL.N , Hindalco's US unit, notes Ambit
Capital
    ** HALC pressured by Constellium's downbeat demand forecast,
warning of no near-term recovery signs in N. America, Europe,
says Prabhudas Lilladher
    ** Day's drop cuts HALC's YTD gains to 11%

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))