Hindalco stock: Prabhudas Lilladher said Hindalco is best placed amongst the metals space as Novelis is expected to witness gradual improvement in per tonne Ebitda over next few quarters.
Revenue from the company s American subsidiary Novelis, which accounts for three-fifths of the consolidated revenue, declined more than a tenth to ₹33,961 crore. The American unit reported an EBITDA of ₹3,998 crore, down 1% year-on-year. "Novelis steadily continues on the recovery path," said Satish Pai, managing director, Hindalco. The company reported its highest-ever copper sales during the quarter.
According to a poll of brokerages conducted by Moneycontrol.com, consolidated PAT for the quarter is expected to be around Rs 2,668.10 crore, up 21 percent year on year and 9 percent higher quarter on quarter
CLSA Asia Pacific Markets and Kotak Institutional Equities have raised their target price on the company by 7-8%, with both the brokerages maintaining a ‘buy or ‘add rating. The shares closed with over 2% gains at 480.65 rupees on Tuesday, also supported by strength in the broader market.
Hindalco share price: The stock on Monday settled 2.70 per cent lower at Rs 484.05 on BSE. At this price, it has declined 4.86 per cent from its 52-week high of Rs 508.80, a level seen last week on September 14. Despite the said fall, the scrip has surged 34.91 per cent from its one-year low price of Rs 358.80, hit on September 28, 2022.