ICICI Direct has given Buy recommendation for Hindalco with a target price of Rs. 500 in its research report issued on Sep 02, 2022

ICICI Direct’s research report on Hindalco

Hindalco is the world’s largest aluminium company by revenues and a major player in copper. Over the years, Hindalco has transformed its business model to reduce dependence on volatile LME price movement and is focusing on a stable portfolio of value added produces • Novelis has leveraged its extensive recycling footprint and favourable market conditions to increase its recycled content to 61% in FY21.

Outlook

We maintain our BUY rating on the stock. We value Hindalco at Rs 500, based on SoTP valuation.

More Info

At 16:01 hrs Hindalco Industries was quoting at Rs 414.90, down Rs 7.10, or 1.68 percent.

It has touched an intraday high of Rs 425.00 and an intraday low of Rs 413.35.

It was trading with volumes of 787,393 shares, compared to its thirty day average of 516,034 shares, an increase of 52.59 percent.

In the previous trading session, the share closed down 3.86 percent or Rs 16.95 at Rs 422.00.

The share touched its 52-week high Rs 636.00 and 52-week low Rs 309.00 on 29 March, 2022 and 20 June, 2022, respectively.

Currently, it is trading 34.76 percent below its 52-week high and 34.27 percent above its 52-week low.

Market capitalisation stands at Rs 93,235.30 crore.

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