MUMBAI, Aug. 24 -- Hindalco Industries runs two aluminium businesses. One smelts the metal in India and earns a 55 percent margin on it. The other rolls it into sheet in North America and Europe, sells more than three times as much, and earns about nine. Monday's share price move was almost entirely about the first.

Hindalco closed August 24, 2026, at Rs.1,058.50 on the National Stock Exchange, up Rs.24.50 or 2.37 percent, and finished exactly at the day's high, which is unusual and worth noting. On the BSE it settled at Rs.1,055.20, up 1.73 percent. The stock opened at Rs.1,047.95, dipped to Rs.1,043.30 and then climbed through the afternoon on 40.52 lakh shares. The Nifty 50 fell 0.14 percent over the same session.

The reason it went ...