Hindalco shares surge 172% in 1 year, global brokerages see 27% upside

hindalco shares surge 172 in 1 year global brokerages see 27 upside

Sumary of Hindalco shares surge 172% in 1 year, global brokerages see 27% upside:

  • It raised the FY22-23 EPS estimates by 7-13 percent on higher aluminium prices.
  • “The recent rally in aluminium prices has further lifted the earnings outlook.
  • Novelis should benefit from a structural shift towards aluminium in autos and packaging,” CNBC-TV18 reported the brokerage as saying.
  • Hindalco acquired Novelis, a producer of rolled aluminium and a major recycler of aluminium cans, in 2007.CLSA maintained a “buy” rating on the stock and raised the target to Rs 570 from Rs 535, an upside of 19 percent.
  • The management indicates sustained strength in Novelis and aluminium prices.
  • The company expects aluminium prices to settle above past averages, it said.

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