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.