Prabhudas Lilladher is bullish on Hindalco Industries has recommended buy rating on the stock with a target price of Rs 597 in its research report dated February 13, 2024.
Strong performance by its US subsidiary Novelis and better returns in the copper business helped Hindalco Industries post consolidated revenue growth of 2 per cent quarter-on-quarter (Q-o-Q) to Rs 54,100 crore in the July-September quarter of 2023-23 (Q2FY24).
Novelis Flat Rolled Products (FRP) volumes grew 6 per cent Q-o-Q to 933,000 tonnes (down 5.2 per cent Y-o-Y) on better North American and European volumes.
The consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 2 per cent Q-o-Q to Rs 5,610 crore despite lower input costs in India and better Novelis performance.
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BANGALORE, India, Oct. 25, 2023 /PRNewswire/ — Aluminum Market is Segmented by Type (Aluminum Billets Series 1000, Aluminum Billets Series 3000, Aluminum Billets Series 6000, Others), by Application (Transportation Industry, Packaging Industry, Construction Industry, Electronics Industry, Others): Global Opportunity Analysis and Industry Forecast, 2023-2029. The global Aluminum market was valued at USD 84580 million in 2022 […]