A clutch of brokerages remains optimistic about the long-term story of Hindalco expecting the company to benefit from Novlis capex, over time. While Jefferies, Motilal Oswal and JM Financial have reiterated their buy views, Kotak Institutional Equities has an Add stance. Nuvama on the other hand has recommended a hold and cut the price target.
JSW Steel is expected to post a sequential decline in volumes for the quarter, with Coal costs expected to stay elevated. Motilal Oswal said the management the performance of domestic and overseas subsidiaries will be crucial.
Market cap of Hindalco Industries rose to Rs 1.20 lakh crore on BSE. Hindalco Industries shares have a one-year beta of 1.1, indicating high volatility during the period.
Bajaj Finserv is maintaining lower top-lower bottom formation. The momentum indicator viz MACD is negatively poised and the stock has poor relative strength.