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.
Despite a premium listing, the muted opening was due to the highly competitive market environment in which the company is operating and also the current market sentiments.
The company reported net sales at $3.9 billion for the third quarter of fiscal year 2024, which decreased 6% versus the prior year period driven by lower average aluminum prices as shipments were in line with prior year levels.
Entero Healthcare IPO comprises a fresh equity issue of Rs 1,000 crore and an OFS of up to 47.69 lakh shares. Prabhat Agrawal, Prem Sethi, Orbimed Asia Iii Mauritius, Chethan MP, and Deepesh T Gala, among others, will offload shares under the OFS. The shares are trading with a marginal premium of Rs 10 in the grey market.