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