Hindalco shares jump nearly 7% to Rs 220.35 on acquisition of American aluminium maker Aleris

New Delhi: Shares of Hindalco on Friday surged nearly 7 percent after the company announced the acquisition of American aluminium maker Aleris in a $2.58-billion leveraged deal through its overseas subsidiary Novelis. [caption id=“attachment_1766741” align=“alignleft” width=“380”] Aditya Birla Group chairman Kumar Mangalam Birla. AFP[/caption] The stock after a positive opening further jumped 6.68 percent to Rs 220.35 on BSE. On NSE, shares of the company soared 6.89 percent to Rs 220.80. Birla group flagship Hindalco on Thursday announced the acquisition of Aleris that will help it diversify product offerings in the value-added products segment. The acquisition, which comes a decade after the diversified Aditya Birla Group took over Novelis in a $ 6-billion transaction, will make Hindalco the second largest aluminium maker globally with a revenue of $21 billion and an annual capacity of 4.7 million tonne, chairman Kumarmangalam Birla said.