Shares of NALCO, Hindalco and Vedanta, opened lower on October 20 after global aluminium giant Alcoa reported an earnings loss for the September quarter.

At 9:40 am, NALCO was down 0.5% at Rs 68.50, Hindalco was down 1.5% at Rs 382.45, and Vedanta was down 0.25% at Rs 276.55.

Pittsburgh-based Alcoa said sequential average real prices for alumina and aluminium fell, coupled with higher costs for energy and key raw materials.

According to consensus estimates, the company reported a loss of 33 cents per share, compared with expected earnings of 8 cents per share. The company reported revenue of $2.85 billion, compared with expectations of $2.96 billion.

Alcoa also lowered its 2022 shipment forecast to 13.1-13.3 million tonnes for alumina, down 0.5 million tonnes from its previous forecast.

The company said this was mainly due to lower output from the San Ciprián refinery and lower shipments from the Australian refinery.

“In the aluminium segment, higher raw material costs, lower Warrick power plant sales and lower value-added product premiums are expected to be offset by lower energy costs at the Lista smelter,” the release added.

Alcoa’s earnings and comments set the tone for Alcoa’s quarterly results. Analysts said Alcoa’s disappointing results are negative for Indian companies.