BofA upgrades Hindalco to 'buy'

Reuters Market Eye - Shares in Hindalco Industries Ltd rise as much as 2.5 percent after Bank of America Merrill Lynch upgrades the stock to "buy" from "underperform" and raises its target price to 220 rupees from 96 rupees.

The investment bank cites positive outlook for aluminium prices, better margin at unit Novelis and balance sheet deleveraging as key reasons for the upgrade.

Hindalco shares up 1.6 percent at 1:11 p.m.

(Reporting by Abhishek Vishnoi)