Minimal impact from US tariffs; earnings outlook intact We believe Novelis' earnings will see minimal impact from the 10% tariff imposition on aluminium by the United States of America. a) Exemption to key exporter Canada (51%) and b) significant recycling dependence (at over 50%) blunt any possible meaningful impact on Novelis. Duty imposition on Novelis' end products, namely auto and can sheets, further insulates the US market from dumping by other countries (ruling out competition to Novelis). Hindalco a) has worked its way to an advantageous point in coal security (80%+) at its India operations, b) is augmenting operations at Novelis further to look beyond the achieved...