India's Hindalco drops on 'disappointing' Q1 results for US unit Novelis

India's Hindalco HALC.NS drops as much as 2.3%; last down 0.6%

Miner's U.S. unit Novelis reports 36% Y/Y fall in Q1 net profit to $96 million

Market headwinds from higher scrap metal prices negatively impacted results, HALC says

Investec says Novelis' Q1 "spreads disappointment," adding that it expects more of the same, citing headwinds such as an unfavourable product mix and tariff related headwinds

CLSA says an adverse mix drove the miss on results, adding it expects profitability to remain low over next two quarters

Avg rating of 27 analysts on HALC at "Buy"; median PT is 738 rupees - data compiled by LSEG

YTD, HALC gains 11% vs metals index's .NIFTYMET 4.2% climb