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Hindalco quarterly profit falls 34% on weak metal prices, rising costs

Total expenses jumped 12% during the third quarter

The weak results of Hindalco underscore the falling metal prices amid fears of a global economic slowdown.   © Reuters

MUMBAI (NewsRise) -- Hindalco Industries posted a 34% slump in third-quarter net income as rising expenses and falling metal prices weighed on India's largest aluminum producer.

The weak results of Hindalco, which also produces copper, come as prices of metals shrank amid fears of a global economic slowdown. A prolonged trade war between the U.S. and China also dampening the outlook for industrial commodities. Last month, the International Monetary Fund cut its global economic growth forecast for 2019 and 2020 due to weakness in Europe and some emerging markets.

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