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Hindalco jumps after foreign brokerage hikes target price

Capital Market 

Hindalco Industries rose 5.16% to Rs 542.65 after a foreign broker reportedly reiterated its "outperform" rating on the stock and raised target price to Rs 640 from Rs 555 earlier.

According to the media reports, the brokerage has raised the company's FY23/FY24 earnings per share (EPS) estimates by 15%/10%. It believes that Novellis' record high scrap spread is a tailwind and will be the main deleveraging trigger.

On a consolidated basis, Hindalco Industries reported a net profit of Rs 2,787 crore in Q1 FY22 as against a net loss of Rs 709 crore in Q1 FY21. Revenue from operations rose 63.6% YoY to Rs 41,358 crore during the quarter.

Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium rolling and recycling company, and a major copper player. It is also one of Asia's largest producers of primary aluminium.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, October 18 2021. 15:21 IST