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India's Hindalco shares trim losses after Q2 profit jump; Novelis costs weigh

By Reuters News

** Shares of India's Hindalco Industries HALC.NS down 0.6% at 930.9 rupees, recovering from a 4.9% drop earlier, after company reported higher Q2 profit

** Q2 consolidated profit jumps 59% y/y to 75.32 billion rupees, helped by higher aluminium prices and production

** US unit Novelis reported 11% rise in adjusted EBITDA on Thursday, excluding insurance recoveries

** Nomura ("buy", TP: 1,100 rupees) says Novelis faced $78 mln tariff costs and a $20 mln hit from a strike at its South Korean plant

** J.P.Morgan ("overweight", TP cut to 1,165 rupees from 1,205 rupees) trims Hindalco's FY27-FY29 EBITDA estimates by 3%-7% on lower aluminium price assumptions; expects Novelis' tariff costs to ease

** Jefferies ("hold", TP: 1,140 rupees) says Novelis volumes down 2% y/y, while net debt up 8% sequentially at $8.5 bln

** Shares up 5.3% YTD

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