India's Hindalco falls after fire halts production at US unit

Shares of Hindalco HALC.NS fall ~1% to 744.50 rupees

The miner said a fire halts production at aluminium recycling unit Novelis in Oswego, New York

Co says the incident occurred on September 16 and no injuries were reported

HALC, the second-heaviest stock in the Nifty Metal index .NIFTYMET with a 16% weight, drags the sub-index down 0.3%

Last month, U.S. unit Novelis reported a 36% Y/Y fall in first-quarter net profit to $96 million due to higher scrap metal prices

Twenty-seven analysts covering HALC have a "buy" rating on avg; median PT is 744.50 rupees - data compiled by LSEG

YTD, Hindalco stock has gained 23%, outperforms metals index's .NIFTYMET 14.2% climb