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3% to 5%

Mahindra and Mahindra, the flagship company of the Mahindra Group, exited RBL Bank by selling its entire 3.45 percent shareholding in the bank via open market transactions on November 6.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/rblbank/RB03">RBL Bank</a> closed the session at Rs 325.6 on Thursday, up half a percent. The stock has been in a consolidation phase especially after recording over 9 percent rally on October 20 following the news of major stake acquisition by Emirates NBD in the bank.

<a href="https://www.moneycontrol.com/india/stockpricequote/auto-carsjeeps/mahindramahindra/MM">Mahindra and Mahindra</a>, the flagship company of the Mahindra Group, sold 2.11 crore equity shares in RBL Bank (equivalent to 3.45 percent of paid-up equity) at Rs 320.65 per share, valued at Rs 677.95 crore.

Global investors like Abu Dhabi Investment Authority, Citigroup Global, Societe Generale, BofA Securities Europe, Goldman Sachs, and Morgan Stanley as well as domestic institutional investors like HSBC MF, Kotak Mahindra MF, SBI Mutual Fund, HDFC Standard Life Insurance Company, and Aditya Birla Sun Life AMC were buyers for the said 3.45 percent stake in RBL Bank.

Meanwhile, Internet Fund III, owned by the venture capital fund Tiger Global Management, also exited Bengaluru-based electric scooters maker <a href="https://www.moneycontrol.com/india/stockpricequote/auto-ancillaries-brakes/atherenergy/AEL09">Ather Energy</a> by selling entire 5.09 percent shares for Rs 1,204.4 crore.

Internet Fund sold 1.01 crore shares at Rs 623.56 per share, and 92.35 lakh shares at Rs 620.45 per share in Ather Energy. The stock reacted to the stake sale given the heavy volume selling, falling 5 percent to Rs 633.85 on the NSE.

Newly listed <a href="https://www.moneycontrol.com/india/stockpricequote/consumer-food/orklaindia/OIL02">Orkla India</a> was also in focus, which closed the first trading session with 2.24 percent loss at Rs 713.65. Nippon India Mutual Fund has bought 62.22 lakh shares (4.54 percent stake) in the spices and convenience foods maker at Rs 737.96 per share for Rs 459.2 crore.

Meanwhile, GreenX Wealth Multi Horizons Opportunity Fund acquired 2.18 lakh shares (2.4 percent stake) in <a href="https://www.moneycontrol.com/india/stockpricequote/trading/dhariwalcorp/DL04">Dhariwalcorp</a>, the wax and industrial chemicals trader at Rs 248.58 per share for Rs 5.4 crore, and 1.25 lakh shares (0.5 percent stake) in <a href="https://www.moneycontrol.com/india/stockpricequote/plastic-products/essenspecialityfilms/ESF01">Essen Speciality Films</a>, the plastic products maker, at Rs 202.21 per share for Rs 2.5 crore.

iSquare Global PE Fund bought 68,000 shares in <a href="https://www.moneycontrol.com/india/stockpricequote/miscellaneous/emergentindustrialsolutions/STL02">Emergent Industrial Solutions</a> at Rs 636.3 per share for Rs 4.3 crore, while Davos International Fund sold 67,539 shares in the company at same price for Rs 4.29 crore.
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Use of Artificial Intelligence

M&M exits RBL Bank for Rs 678 crore, Tiger Global sells entire stake in Ather Energy

Mahindra and Mahindra, the flagship company of the Mahindra Group, exited RBL Bank by selling its entire 3.45 percent shareholding in the bank via open market transactions on November 6.

RBL Bank closed the session at Rs 325.6 on Thursday, up half a percent. The stock has been in a consolidation phase especially after recording over 9 percent rally on October 20 following the news of major stake acquisition by Emirates NBD in the bank.

Mahindra and Mahindra, the flagship company of the Mahindra Group, sold 2.11 crore equity shares in RBL Bank (equivalent to 3.45 percent of paid-up equity) at Rs 320.65 per share, valued at Rs 677.95 crore.

Global investors like Abu Dhabi Investment Authority, Citigroup Global, Societe Generale, BofA Securities Europe, Goldman Sachs, and Morgan Stanley as well as domestic institutional investors like HSBC MF, Kotak Mahindra MF, SBI Mutual Fund, HDFC Standard Life Insurance Company, and Aditya Birla Sun Life AMC were buyers for the said 3.45 percent stake in RBL Bank.

Meanwhile, Internet Fund III, owned by the venture capital fund Tiger Global Management, also exited Bengaluru-based electric scooters maker Ather Energy by selling entire 5.09 percent shares for Rs 1,204.4 crore.

Internet Fund sold 1.01 crore shares at Rs 623.56 per share, and 92.35 lakh shares at Rs 620.45 per share in Ather Energy. The stock reacted to the stake sale given the heavy volume selling, falling 5 percent to Rs 633.85 on the NSE.

Newly listed Orkla India was also in focus, which closed the first trading session with 2.24 percent loss at Rs 713.65. Nippon India Mutual Fund has bought 62.22 lakh shares (4.54 percent stake) in the spices and convenience foods maker at Rs 737.96 per share for Rs 459.2 crore.

Meanwhile, GreenX Wealth Multi Horizons Opportunity Fund acquired 2.18 lakh shares (2.4 percent stake) in Dhariwalcorp, the wax and industrial chemicals trader at Rs 248.58 per share for Rs 5.4 crore, and 1.25 lakh shares (0.5 percent stake) in Essen Speciality Films, the plastic products maker, at Rs 202.21 per share for Rs 2.5 crore.

iSquare Global PE Fund bought 68,000 shares in Emergent Industrial Solutions at Rs 636.3 per share for Rs 4.3 crore, while Davos International Fund sold 67,539 shares in the company at same price for Rs 4.29 crore.

M&amp;M exits RBL Bank for Rs 678 crore, Tiger Global sells entire stake in Ather Energy

The shares of Apple products-distributor in India Redington jumped in trade on November 6 after the company released better-than-expected results for the second quarter of the financial year 2026, boosting investor sentiment. The shares closed around 15 percent higher at Rs 287.15 apiece.

The shares of Indian Hotels Company (IHCL) meanwhile dropped over 6 percent to close in the deep red at Rs 697 apiece.

Redington Q2 Results LIVE:

<a href="https://www.moneycontrol.com/india/stockpricequote/computers-hardware/redington/RI37">Redington</a> on November 5 reported a net profit of Rs 388 crore for the July-September quarter of the financial year 2026. This marks a rise of more than 32 percent year-on-year (YoY) from the Rs 293 crore net profit reported in the same period of the previous financial year.

The firm's revenue from operations meanwhile rose around 17 percent YoY to Rs 29,076 crore during the quarter under review, as against Rs 24,896 crore in the year-ago period.

Redington share price:

Redington shares closed at Rs 287.15 apiece, after hitting an intraday high of Rs 293.30 apiece. This is the highest level seen by the stock in nearly one month.

The stock has gained nearly 11 percent in the past five days, and around 15 percent in the past six months. The stock has rallied nearly 44 percent in 2025 so far, and has a P/E ratio of around 11.

IHCL Q2 Results:

The Indian Hotels Company (<a href="https://www.moneycontrol.com/india/stockpricequote/hotel-resortrestaurants/indianhotelsre/IHR">IHCL</a>) on November 4 reported a consolidated net profit of Rs 285 crore for the July-September quarter of the financial year 2026. This marks a 49 percent YoY decrease from the Rs 554.58 crore net profit reported in the same period last year, including a one-time gain.

The firm’s revenue from operations meanwhile rose nearly 12 percent YoY to Rs 2,041 crore.

Brokerages on IHCL:

IHCL reported an in-line quarter, although consolidated revenue missed estimate by 2 percent, said JM Financial. “Revenue for IHCL’s standalone business grew 2% YoY to INR 10.6bn, growth being impacted by renovation-related closures at key owned assets and the high base of last year. Standalone EBITDA of INR 3.7bn, contributed c. 65% of consolidated earnings and grew at 8% YoY,” it said.

"IHCL continued its accelerated growth momentum in 1HFY26 with 46 signings to reach a portfolio of 570 hotels and opened 26 hotels, crossing a milestone of 250+ operating hotels in India with over 25,000 rooms. The management stated that the business has rebounded significantly, and business on books looks strong for the next 2 months. IHCL remains confident of achieving the guidance of double digit revenue growth for the full year. We expect the company to report 12%/15% CAGR in Revenue/EBITDA over FY25-28E aided by 7% CAGR in ARR and gradual improvement in occupancy," the domestic brokerage said.

The firm has an 'Add' rating on the stock, with a target price of Rs 835 per share.

Brokerage Nirmal Bang said that the firm’s second quarter results were hurt by unusually heavy rains that hit hospitality and a high base. However, it expects a strong second half of fiscal 2026 on robust bookings and benefits from renovations

UBS anticipates stronger momentum starting November, with most renovations across Taj Delhi and Goa properties being completed. The international brokerage kept a ‘Buy’ rating on the stock, with a target price of Rs 900 per share.

JP Morgan remains ‘Overweight’ on the stock, with a target price of Rs 890 per share. It said that the company’s key markets will remain resilient, supporting pricing power and occupancy rates.

Also read: <a href="https://www.moneycontrol.com/news/business/earnings/q2-results-2025-live-updates-lic-cummins-india-apollo-hospitals-abb-india-lupin-zydus-bajaj-housing-fianace-q2-earnings-dividend-share-price-nov-6-liveblog-13656531.html">Our LIVE blog on Q2 updates</a>

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Q2 Results impact: Redington shares surge 15% after net profit jumps 32% to Rs 388 crore, Indian Hotels down 6%

The shares of Apple products-distributor in India Redington jumped in trade on November 6 after the company released better-than-expected results for the second quarter of the financial year 2026, boosting investor sentiment. The shares closed around 15 percent higher at Rs 287.15 apiece.

The shares of Indian Hotels Company (IHCL) meanwhile dropped over 6 percent to close in the deep red at Rs 697 apiece.

Redington Q2 Results LIVE:

Redington on November 5 reported a net profit of Rs 388 crore for the July-September quarter of the financial year 2026. This marks a rise of more than 32 percent year-on-year (YoY) from the Rs 293 crore net profit reported in the same period of the previous financial year.

The firm's revenue from operations meanwhile rose around 17 percent YoY to Rs 29,076 crore during the quarter under review, as against Rs 24,896 crore in the year-ago period.

Redington share price:

Redington shares closed at Rs 287.15 apiece, after hitting an intraday high of Rs 293.30 apiece. This is the highest level seen by the stock in nearly one month.

The stock has gained nearly 11 percent in the past five days, and around 15 percent in the past six months. The stock has rallied nearly 44 percent in 2025 so far, and has a P/E ratio of around 11.

IHCL Q2 Results:

The Indian Hotels Company (IHCL) on November 4 reported a consolidated net profit of Rs 285 crore for the July-September quarter of the financial year 2026. This marks a 49 percent YoY decrease from the Rs 554.58 crore net profit reported in the same period last year, including a one-time gain.

The firm’s revenue from operations meanwhile rose nearly 12 percent YoY to Rs 2,041 crore.

Brokerages on IHCL:

IHCL reported an in-line quarter, although consolidated revenue missed estimate by 2 percent, said JM Financial. “Revenue for IHCL’s standalone business grew 2% YoY to INR 10.6bn, growth being impacted by renovation-related closures at key owned assets and the high base of last year. Standalone EBITDA of INR 3.7bn, contributed c. 65% of consolidated earnings and grew at 8% YoY,” it said.

&quot;IHCL continued its accelerated growth momentum in 1HFY26 with 46 signings to reach a portfolio of 570 hotels and opened 26 hotels, crossing a milestone of 250+ operating hotels in India with over 25,000 rooms. The management stated that the business has rebounded significantly, and business on books looks strong for the next 2 months. IHCL remains confident of achieving the guidance of double digit revenue growth for the full year. We expect the company to report 12%/15% CAGR in Revenue/EBITDA over FY25-28E aided by 7% CAGR in ARR and gradual improvement in occupancy,&quot; the domestic brokerage said.

The firm has an 'Add' rating on the stock, with a target price of Rs 835 per share.

Brokerage Nirmal Bang said that the firm’s second quarter results were hurt by unusually heavy rains that hit hospitality and a high base. However, it expects a strong second half of fiscal 2026 on robust bookings and benefits from renovations

UBS anticipates stronger momentum starting November, with most renovations across Taj Delhi and Goa properties being completed. The international brokerage kept a ‘Buy’ rating on the stock, with a target price of Rs 900 per share.

JP Morgan remains ‘Overweight’ on the stock, with a target price of Rs 890 per share. It said that the company’s key markets will remain resilient, supporting pricing power and occupancy rates.

Also read: Our LIVE blog on Q2 updates

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/courier-services/delhivery/D06">Delhivery</a> plunged nearly 10 percent to hit the lower circuit on November 6. This comes after the company posted a net loss pf Rs 50.4 crore for the second quarter of the financial year 2026, as against a net profit of Rs 10.2 crore reported in the corresponding quarter of the previous financial year.

Excluding the impact from Ecom Express integration costs, the firm’s profit after tax during the quarter stood at Rs 59 crore in Q2 FY26, as against Rs 10 crore in Q2 FY25, it said.

While the firm <a href="https://www.moneycontrol.com/news/business/delhivery-q2-results-logistics-major-slips-into-red-with-rs-51-crore-loss-revenue-up-17-13655015.html">slipped into the red with a net loss</a>, its revenue from operations rose around 17 percent year-on-year (YoY) to Rs 2,559.3 crore during the quarter under review.

JM Financial downgrades stock:

JM Financial noted that the lower-than-estimated results were caused by back-ended demand due to delayed purchases in the quarter before the GST cuts took place. "PTL segment also missed revenue estimates with 15.2% YoY growth but management remains confident of delivering c.20% growth for FY26. TL, SCS and Cross-border segments also remained weak. Management noted that service EBITDA guidance for FY26 still remains on track, while one-time integration costs are likely to be significantly lower than earlier anticipated," it said.

While the domestic brokerage remains positive on Delhivery's positioning and expect a strong recovery in Q3, it lowered its estimates to align with the current trajectory, JM Financial said.

Jefferies said that EBITDA was below estimates due to weak Express parcel and part truck load margins. It added that Express Parcel organic volume growth was weak.

Delhivery share price:

Delhivery shares remained locked in the lower circuit at Rs 436.40 apiece. The stock has fallen more than 9 percent in the past five days, but gained nearly 44 percent in the past six months. The stock is up over 25 percent in 2025 so far.

Its P/E ratio currently stands at around 183.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-06-11-2025-liveblog-13655439.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Delhivery shares plunge 10% after firm posts Rs 50 crore net loss in Q2, JM Financial downgrades stock to 'Add'

The shares of Delhivery plunged nearly 10 percent to hit the lower circuit on November 6. This comes after the company posted a net loss pf Rs 50.4 crore for the second quarter of the financial year 2026, as against a net profit of Rs 10.2 crore reported in the corresponding quarter of the previous financial year.

Excluding the impact from Ecom Express integration costs, the firm’s profit after tax during the quarter stood at Rs 59 crore in Q2 FY26, as against Rs 10 crore in Q2 FY25, it said.

While the firm slipped into the red with a net loss, its revenue from operations rose around 17 percent year-on-year (YoY) to Rs 2,559.3 crore during the quarter under review.

JM Financial downgrades stock:

JM Financial noted that the lower-than-estimated results were caused by back-ended demand due to delayed purchases in the quarter before the GST cuts took place. &quot;PTL segment also missed revenue estimates with 15.2% YoY growth but management remains confident of delivering c.20% growth for FY26. TL, SCS and Cross-border segments also remained weak. Management noted that service EBITDA guidance for FY26 still remains on track, while one-time integration costs are likely to be significantly lower than earlier anticipated,&quot; it said.

While the domestic brokerage remains positive on Delhivery's positioning and expect a strong recovery in Q3, it lowered its estimates to align with the current trajectory, JM Financial said.

Jefferies said that EBITDA was below estimates due to weak Express parcel and part truck load margins. It added that Express Parcel organic volume growth was weak.

Delhivery share price:

Delhivery shares remained locked in the lower circuit at Rs 436.40 apiece. The stock has fallen more than 9 percent in the past five days, but gained nearly 44 percent in the past six months. The stock is up over 25 percent in 2025 so far.

Its P/E ratio currently stands at around 183.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of Blue Star dropped more than 6 percent on November 6 after the company said that it continued to see demand slowdown in the air conditioner segment as prolonged rains and lower temperatures impacted secondary sales and delayed channel offtake.

Godrej Properties shares meanwhile fell nearly 5 percent to trade at Rs 2,186.6 apiece. This comes after the real estate developer reported a fall in revenue despite sharp rise in net profit and booking value.

Blue Star Q2 Results:

Blue Star on November 5 reported a consolidated net profit of Rs 99 crore for the July-September quarter of the financial year 2026. This marks a nearly 3 percent year-on-year (YoY) increase from the Rs 96.19 crore net profit reported in the corresponding quarter of the previous financial year.

The firm’s revenue from operations meanwhile rose over 6 percent YoY to Rs 2,422 crore in Q2 FY26, as against Rs 2,276 crore in Q2 FY25.

Demand slowdown in AC segment:

Blue Star said that the room air conditioner segment continued to witness a demand slowdown after a subdued monsoon-led Q1 FY26, as prolonged rains and lower temperatures impacted secondary sales and delayed channel offtake.

Additionally, the GST rate cuts which came into effect in September deferred some room and commercial AC purchases, which also had a negative impact on the demand during the second quarter of FY25.

“We are optimistic about the prospects of Room AC business as the benefits of GST rate rationalization will spur the demand in Q3 FY26. However, unseasonal rains in several parts of the country continue to be a matter of concern. While the order inflow in Electro-Mechanical Projects business continues to slow, we expect demand revival in Commercial Air Conditioning and Commercial Refrigeration businesses,” the firm said.

Blue Star share price:

Blue Star shares dropped more than 6 percent to trade at Rs 1,796 apiece. The stock has fallen nearly 9 percent in the past five days, and over 4 percent in the past one month. The stock however gained more than 7 percent in the past six months.

Following the firm’s commentary on demand outlook, Voltas shares dropped nearly 4 percent.

Godrej Properties Q2 Results:

Godrej Properties on November 6 reported a consolidated net profit of Rs 405 crore for the July-September quarter of FY26, marking a 21 percent YoY rise from the Rs 335 crore net profit reported in the same period last year.

The firm’s revenue from operations meanwhile fell 32 percent YoY to Rs 740 crore. Its booking value grew 64 percent YoY to Rs 8,505 crore.

For the first half of the year, Godrej Properties' booking value reached Rs 15,587 crore. In an investor presentation, the company said it is on track to meet its FY26 booking value guidance of Rs 32,500 crore.

Godrej Properties share price:

Godrej Properties shares dropped nearly 5 percent to trade at Rs 2,186.60 apiece. The shares of the company have fallen nearly 5 percent in the past five days, but gained over 8 percent in the past one month. The stock is however down nearly 20 percent in 2025 so far.

Its P/E ratio currently stands at around 45.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-06-11-2025-liveblog-13655439.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Q2 Results impact: Blue Star shares drop 6% as unseasonal cool weather slows AC demand, Godrej Properties down 5%

The shares of Blue Star dropped more than 6 percent on November 6 after the company said that it continued to see demand slowdown in the air conditioner segment as prolonged rains and lower temperatures impacted secondary sales and delayed channel offtake.

Godrej Properties shares meanwhile fell nearly 5 percent to trade at Rs 2,186.6 apiece. This comes after the real estate developer reported a fall in revenue despite sharp rise in net profit and booking value.

Blue Star Q2 Results:

Blue Star on November 5 reported a consolidated net profit of Rs 99 crore for the July-September quarter of the financial year 2026. This marks a nearly 3 percent year-on-year (YoY) increase from the Rs 96.19 crore net profit reported in the corresponding quarter of the previous financial year.

The firm’s revenue from operations meanwhile rose over 6 percent YoY to Rs 2,422 crore in Q2 FY26, as against Rs 2,276 crore in Q2 FY25.

Demand slowdown in AC segment:

Blue Star said that the room air conditioner segment continued to witness a demand slowdown after a subdued monsoon-led Q1 FY26, as prolonged rains and lower temperatures impacted secondary sales and delayed channel offtake.

Additionally, the GST rate cuts which came into effect in September deferred some room and commercial AC purchases, which also had a negative impact on the demand during the second quarter of FY25.

“We are optimistic about the prospects of Room AC business as the benefits of GST rate rationalization will spur the demand in Q3 FY26. However, unseasonal rains in several parts of the country continue to be a matter of concern. While the order inflow in Electro-Mechanical Projects business continues to slow, we expect demand revival in Commercial Air Conditioning and Commercial Refrigeration businesses,” the firm said.

Blue Star share price:

Blue Star shares dropped more than 6 percent to trade at Rs 1,796 apiece. The stock has fallen nearly 9 percent in the past five days, and over 4 percent in the past one month. The stock however gained more than 7 percent in the past six months.

Following the firm’s commentary on demand outlook, Voltas shares dropped nearly 4 percent.

Godrej Properties Q2 Results:

Godrej Properties on November 6 reported a consolidated net profit of Rs 405 crore for the July-September quarter of FY26, marking a 21 percent YoY rise from the Rs 335 crore net profit reported in the same period last year.

The firm’s revenue from operations meanwhile fell 32 percent YoY to Rs 740 crore. Its booking value grew 64 percent YoY to Rs 8,505 crore.

For the first half of the year, Godrej Properties' booking value reached Rs 15,587 crore. In an investor presentation, the company said it is on track to meet its FY26 booking value guidance of Rs 32,500 crore.

Godrej Properties share price:

Godrej Properties shares dropped nearly 5 percent to trade at Rs 2,186.60 apiece. The shares of the company have fallen nearly 5 percent in the past five days, but gained over 8 percent in the past one month. The stock is however down nearly 20 percent in 2025 so far.

Its P/E ratio currently stands at around 45.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/ironsteel/hindalcoindustries/HI">Hindalco Industries</a> sharply dropped more than 7 percent in the morning trading hours of November 6 after the firm's subsidiary Novelis released its results for the second quarter of the ongoing financial year 2026.

The shares of the company were trading at Rs 772.30 apiece, as seen at 11.04 am.

Novelis Q2 Results:

Novelis, which is a subsidiary of Aditya Birla Group’s metals flagship company Hindalco Industries, on November 4 reported a 27 percent year-on-year rise in net income attributable to our common shareholders to $163 million.

Its adjusted EBITDA however dropped 9 percent YoY to $422 million, while adjusted EBITDA per tonne shipped fell 8% YoY to $448. The company said that it rolled product shipments of 941 kilotonnes, which was in line with the prior year period.

Impact of fire at US plant:

Speaking about the fire incident which began on September 16 at its plant in New York’s Oswego, Novelis said that no injuries were fortunately reported. The damage from the fire was mostly localized to the hot mill area, and the teams York.

"Teams have been working around-the-clock to restore operations at Oswego quickly and safely, while leveraging alternative resources to minimize customer disruption," it added.

Hindalco said that approximately 70-80 percent of the damages are estimated to be recoverable through insurance. In Q2 FY26, the firm recognized $21 million in related charges. It now estimates FY26 negative free cash flow impact of around $550-650 million, including adjusted EBITDA impact of ~$100-150 million.

The company added that extensive restoration efforts have been taken to return to normalcy. The Hot Mill is expected to restart by end-December 2025, followed by a 4-6 week of production ramp-up.

"We are grateful for the swift response and dedication of our teams, as well as the collaboration of our customers, industry peers, and equipment suppliers,” said Fisher. “Despite this unexpected challenge, we remain confident in the strength of our business, the resilience of our team, and our ability to adapt and recover," said Novelis President and CEO Steve Fisher.

Bay Minette Project Update:

Novelis said that construction is progressing at greenfield rolling &amp; recycling facility in Bay Minette, Alabama, in the US. The firm expects full project commissioning to begin in the second half of 2026.

It now estimates total capital cost in the order of $5 billion, from the earlier $4.1 billion estimate, for laying a strong foundation for future expansion. Out of this, $2.2 billion capital expenditures were spent through the end of Q2 FY26.

JM Financial on Hindalco Industries:

JM Financial kept a 'Buy' rating on the stock, which saying that Novelis' Rs 422 million Q2 EBITDA was in-line with its estimate. “As a result of loss in volumes from Oswego plant, company believes there could a reduction in overall volumes in FY26. However, the hot mill is expected to restart operations in Dec’25. We await Hindalco consolidated numbers to revisit our earnings and fair value – to be published shortly,” it said.

It further noted that Novelis witnessed a net negative tariff impact to the tune of approximately $54 million in Q2 FY26. The company expects this to go down going ahead driven by the ongoing mitigation efforts.

Axis Capital downgrades Hindalco shares to 'Reduce':

Axis Capital downgraded the shares of Hindalco Industries to 'Reduce', from its earlier 'Buy' rating, and marginally reduced its target price to Rs 770 apiece from Rs 880 apiece. This implies a downside potential of more than 7 percent from the stock's previous closing price.

 Nuvama downgrades Hindalco shares to 'Hold':

Nuvama downgraded the stock to 'Hold' from its earlier 'Buy' rating, but raised its target price to Rs 838 apiece from Rs 757 apiece.

Equirus has also downgraded Hindalco to 'Reduce' from its earlier rating of 'Add'. It said that the risk-reward for the stock is turning unfavourable at 6.6 times one-year forward EV/EBITDA, CNBC-TV18 reported.

Jefferies noted that Novelis' net debt stood at a 21-quarter high. It is set to rise further with higher capex amid rising aluminium prices and fire impact, it said.

"The capex for the Bay Minette project has increased to $5 billion (from $4.1 billion earlier), with the IRR (internal rate of return) now expected to be in the high single digits (compared to the earlier double-digit estimate)...as a result, lower operating performance and higher capex intensity are likely to keep its leverage ratio elevated," ICICI Direct Research said, as quoted by Informist.

"We therefore expect the underperformance at Novelis operations to continue, with the recovery to $500/tonne EBITDA taking longer than expected...on that note, we remain cautiously optimistic on Hindalco, considering that Novelis accounts for ~60% of consolidated revenue and ~56% of EBITDA," ICICI Direct said.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-06-11-2025-liveblog-13655439.html">Our LIVE blog on stock market updates</a>

(With inputs from agencies)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Hindalco shares drop 7% over likely $650-mn impact of Novelis plant fire on cash flow, capex concerns

The shares of Hindalco Industries sharply dropped more than 7 percent in the morning trading hours of November 6 after the firm's subsidiary Novelis released its results for the second quarter of the ongoing financial year 2026.

The shares of the company were trading at Rs 772.30 apiece, as seen at 11.04 am.

Novelis Q2 Results:

Novelis, which is a subsidiary of Aditya Birla Group’s metals flagship company Hindalco Industries, on November 4 reported a 27 percent year-on-year rise in net income attributable to our common shareholders to $163 million.

Its adjusted EBITDA however dropped 9 percent YoY to $422 million, while adjusted EBITDA per tonne shipped fell 8% YoY to $448. The company said that it rolled product shipments of 941 kilotonnes, which was in line with the prior year period.

Impact of fire at US plant:

Speaking about the fire incident which began on September 16 at its plant in New York’s Oswego, Novelis said that no injuries were fortunately reported. The damage from the fire was mostly localized to the hot mill area, and the teams York.

&quot;Teams have been working around-the-clock to restore operations at Oswego quickly and safely, while leveraging alternative resources to minimize customer disruption,&quot; it added.

Hindalco said that approximately 70-80 percent of the damages are estimated to be recoverable through insurance. In Q2 FY26, the firm recognized $21 million in related charges. It now estimates FY26 negative free cash flow impact of around $550-650 million, including adjusted EBITDA impact of ~$100-150 million.

The company added that extensive restoration efforts have been taken to return to normalcy. The Hot Mill is expected to restart by end-December 2025, followed by a 4-6 week of production ramp-up.

&quot;We are grateful for the swift response and dedication of our teams, as well as the collaboration of our customers, industry peers, and equipment suppliers,” said Fisher. “Despite this unexpected challenge, we remain confident in the strength of our business, the resilience of our team, and our ability to adapt and recover,&quot; said Novelis President and CEO Steve Fisher.

Bay Minette Project Update:

Novelis said that construction is progressing at greenfield rolling &amp;amp; recycling facility in Bay Minette, Alabama, in the US. The firm expects full project commissioning to begin in the second half of 2026.

It now estimates total capital cost in the order of $5 billion, from the earlier $4.1 billion estimate, for laying a strong foundation for future expansion. Out of this, $2.2 billion capital expenditures were spent through the end of Q2 FY26.

JM Financial on Hindalco Industries:

JM Financial kept a 'Buy' rating on the stock, which saying that Novelis' Rs 422 million Q2 EBITDA was in-line with its estimate. “As a result of loss in volumes from Oswego plant, company believes there could a reduction in overall volumes in FY26. However, the hot mill is expected to restart operations in Dec’25. We await Hindalco consolidated numbers to revisit our earnings and fair value – to be published shortly,” it said.

It further noted that Novelis witnessed a net negative tariff impact to the tune of approximately $54 million in Q2 FY26. The company expects this to go down going ahead driven by the ongoing mitigation efforts.

Axis Capital downgrades Hindalco shares to 'Reduce':

Axis Capital downgraded the shares of Hindalco Industries to 'Reduce', from its earlier 'Buy' rating, and marginally reduced its target price to Rs 770 apiece from Rs 880 apiece. This implies a downside potential of more than 7 percent from the stock's previous closing price.

 Nuvama downgrades Hindalco shares to 'Hold':

Nuvama downgraded the stock to 'Hold' from its earlier 'Buy' rating, but raised its target price to Rs 838 apiece from Rs 757 apiece.

Equirus has also downgraded Hindalco to 'Reduce' from its earlier rating of 'Add'. It said that the risk-reward for the stock is turning unfavourable at 6.6 times one-year forward EV/EBITDA, CNBC-TV18 reported.

Jefferies noted that Novelis' net debt stood at a 21-quarter high. It is set to rise further with higher capex amid rising aluminium prices and fire impact, it said.

&quot;The capex for the Bay Minette project has increased to $5 billion (from $4.1 billion earlier), with the IRR (internal rate of return) now expected to be in the high single digits (compared to the earlier double-digit estimate)...as a result, lower operating performance and higher capex intensity are likely to keep its leverage ratio elevated,&quot; ICICI Direct Research said, as quoted by Informist.

&quot;We therefore expect the underperformance at Novelis operations to continue, with the recovery to $500/tonne EBITDA taking longer than expected...on that note, we remain cautiously optimistic on Hindalco, considering that Novelis accounts for ~60% of consolidated revenue and ~56% of EBITDA,&quot; ICICI Direct said.

Also read: Our LIVE blog on stock market updates

(With inputs from agencies)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Metals & Mining Industry StocksCheck latest stock performance, list of stocks, earnings review & more details about the Metals & Mining industry stocks.

Gainers/Losers

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Earnings Review-Q2 FY25-26

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M&amp;M exits RBL Bank for Rs 678 crore, Tiger Global sells entire stake in Ather Energy

Q2 Results impact: Redington shares surge 15% after net profit jumps 32% to Rs 388 crore, Indian Hotels down 6%

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Q2 Results impact: Blue Star shares drop 6% as unseasonal cool weather slows AC demand, Godrej Properties down 5%

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Metals & Mining Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the Metals & Mining industry stocks.

M&M exits RBL Bank for Rs 678 crore, Tiger Global sells entire stake in Ather Energy