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<keyword id="20318152" type="General" weightage="100" keywordseo="hindalco-industries" source="keywords">Hindalco Industries</keyword> shares slumped 13% on Tuesday after its subsidiary, <keyword id="44853" type="General" weightage="20" keywordseo="novelis" source="Orion">Novelis</keyword> reported a project escalation cost for its <keyword id="20566808" type="General" weightage="20" keywordseo="bay-minette" source="keywords">Bay Minette</keyword> plant. Hindalco shares were trading at Rs 501.75, down 13.84% on BSE. JM Financial Institutional Securities said in a report that Novelis has revised its capex guidance for its Bay Minette plant from $2.7-2.8 billion to $4.1 billion (up 52%) of which $750 million to be incurred till March'24 - plant is likely to be commissioned by 2HCY26 (versus earlier guidance of commissioning by FY26). Significant escalation in projected cost for Bay Minette plant is likely to result in lower IRR, the report said. However earnings trajectory is likely to benefit tracking plant commissioning, increased recycling, evenly spread capex (due to delay in Bay Minette plant commissioning) resulting in higher shipments and margins keeping its journey of sustainable EBITDA/t of $525/t intact. Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, reported results for the third quarter of fiscal year 2024. "Novelis delivered a substantial year-over-year improvement in Adjusted EBITDA and Adjusted EBITDA per tonne margin, in line with our expectations of continued margin recovery this fiscal year," said Steve Fisher, president and CEO, Novelis Inc. Net sales decreased 6% versus the prior year period to $3.9 billion for the third quarter of fiscal year 2024, driven by lower average aluminum prices as shipments were in line with prior year levels. Shipments were flat due to a decline in specialties product shipments from muted economic conditions in some markets, though more than offset by continued growth in automotive shipments and a return in demand for beverage packaging sheet. Novelis is constructing a state-of-the-art, greenfield rolling and recycling plant in Bay Minette, Alabama, that is anticipated to be able to initially produce 600 kilotonnes of finished goods for the beverage packaging and automotive markets in North America. This is the first fully integrated aluminum plant built in the US. in nearly 40 years, and the largest project in company history. With a high level of project engineering complete, and all key equipment and the majority of materials contracted, the project capital cost is now expected to be $4.1 billion, and to commission in the second half of calendar year 2026, the company said.

Hindalco shares slump 13% after Novelis results

New Delhi, Atlanta-based <keyword id="20665479" type="General" weightage="20" keywordseo="novelis" source="keywords">Novelis</keyword> Inc., a fully-owned subsidiary of Hindalco Industries, has announced that it has confidentially submitted a draft registration statement on Form F-1 with the <keyword id="19931734" type="General" weightage="20" keywordseo="securities-and-exchange-commission" source="keywords">Securities and Exchange Commission</keyword> (the <keyword id="19931733" type="General" weightage="20" keywordseo="sec" source="keywords">SEC</keyword>) relating to the proposed initial public offering (IPO) of its common shares. The common shares are expected to be offered by Novelis' sole shareholder, i.e., AV Minerals (Netherlands) N.V., a fully-owned subsidiary of <keyword id="20666773" type="General" weightage="20" keywordseo="hindalco-industries-limited" source="keywords">Hindalco Industries Limited</keyword>. Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, reported results for the third quarter of fiscal year 2024 last week. "Novelis delivered a substantial year-over-year improvement in adjusted EBITDA and adjusted EBITDA per tonne margin, in line with our expectations of continued margin recovery this fiscal year," said <keyword id="20666772" type="General" weightage="20" keywordseo="steve-fisher" source="keywords">Steve Fisher</keyword>, President and CEO, Novelis Inc. Novelis is constructing a state-of-the-art, greenfield rolling and recycling plant in Bay Minette, Alabama, which is anticipated to be able to initially produce 600 kilo tonnes of finished goods for the beverage packaging and automotive markets in North America. This is the first fully-integrated aluminum plant built in the US in nearly 40 years, and the largest project in the company's history. With a high level of project engineering complete, and all key equipment and the majority of materials contracted, the project capital cost is now expected to be $4.1 billion, the company said.

Hindalco subsidiary Novelis files draft papers for proposed US IPO

<div class="KonaFilter image-container display-table"><div><div class="image">Tumblir/mapsbynik</div></div></div>As an Atlanta native, Waffle House and its iconic assortment of greasy comfort foods is near and dear to my heart. As it happens, Atlanta also has the highest concentration of Waffle House locations in America. 
According to a map published on <a href="http://mapsbynik.tumblr.com/post/82053920556/waffle-house-density-by-quad-the-map-shown-here" target="_blank">Tumblr by mapsbynik</a> (under a creative commons license), there are a whopping 132 locations where Atlantans can get their fill of the chain's infinitely customizable hash-browns and eponymous waffles. As of summer 2012, Atlanta is home to roughly 11% of all Waffle House locations.
Mapsbynik explains on his blog that he mapped Waffle House locations using Google Earth, with the map divided into a series of <a href="http://www.geology.utah.gov/maps/geomap/30x60/index.htm" target="_blank">USGS 30X60 minute (1:100,000) map </a>quad boundaries. Density is visualized by the height of each yellow box.
Although Waffle House's ubiquitous presence in Atlanta is not too surprising considering the company is headquartered in nearby Norcross, the overwhelming number of locations in that quadrant is notable, mapsbynik writes. It significantly beat out Cartersville, which includes most of Atlanta's highly populated northern suburbs. 
Here are the top 15 quadrants with the most Waffle House locations, according to mapsbynik:
<ol>
<li>Atlanta, GA (132)</li>
<li>Cartersville, GA (45)</li>
<li>Greenville, SC (34)</li>
<li>Athens, GA (29)</li>
<li>Fort Worth, TX (25)</li>
<li>Nashville, TN (24)</li>
<li>Griffin, GA (23)</li>
<li>Commerce, GA/SC (20)</li>
<li>Mobile, AL/Ms (20)</li>
<li>Louisville ,KY/IN (18)</li>
<li>Dallas, TX (18)</li>
<li>Macon, GA (18)</li>
<li>Bay Minette, AL/FL (18)</li>
<li>Charlotte, NC/SC (17)</li>
<li>Aiken, SC/GA (17)</li>
</ol>

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Hindalco shares slump 13% after Novelis results

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Hindalco subsidiary Novelis files draft papers for proposed US IPO

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This Map Shows Where You're Most Likely To Find A Waffle House

Benjamin Zhang

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