Hindalco Industries shares gain as CLSA sees 24% upside
Hindalco Industries shares rose 3.75% to Rs 522 against the previous close of Rs 503.10 on BSE. Market cap of Hindalco Industries rose to Rs 1.16 lakh crore on BSE.
- Mar 1, 2024,
- Updated Mar 1, 2024 2:56 PM IST
Shares of Hindalco Industries Ltd rose nearly 4% today after global brokerage CLSA upgraded the firm to ‘buy’. It assigned a price target of Rs 635 to the Aditya Birla Group firm, an upside of around 25.4 percent from the previous close.
CLSA said Hindalco’s existing businesses are strong and likely to see a gradual improvement.
The stock rose 3.75% to Rs 522 against the previous close of Rs 503.10 on BSE. Total 3.37 lakh shares of Hindalco Industries changed hands amounting to a turnover of Rs 17.45 crore.
Market cap of Hindalco Industries rose to Rs 1.16 lakh crore on BSE. Hindalco Industries shares have a one-year beta of 0.4, indicating low volatility during the period.
The stock is down 9.61% in a month. After the correction, CLSA said concerns regarding the company are overdone.
The fall in the share price comes as Hindalco's US-based subsidiary Novelis has announced a delay in completion and an increased capital for the Bay Minette project.
The project’s completion is likely to be delayed by 9-12 months and now expected to finish in the second half of 2026. The delay means lower returns, disappointing for both management and investors.
Novelis is a maker of flat-rolled aluminium products used in building products ranging from beverage cans to aeroplanes.
In terms of technicals, the relative strength index (RSI) of Hindalco Industries stands at 34.2, signaling it's trading neither in the overbought nor in the oversold zone. Hindalco Industries shares are trading higher than the 5 day, 10 day, 150 day, 200 day but lower than the 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Shares of Hindalco Industries Ltd rose nearly 4% today after global brokerage CLSA upgraded the firm to ‘buy’. It assigned a price target of Rs 635 to the Aditya Birla Group firm, an upside of around 25.4 percent from the previous close.
CLSA said Hindalco’s existing businesses are strong and likely to see a gradual improvement.
The stock rose 3.75% to Rs 522 against the previous close of Rs 503.10 on BSE. Total 3.37 lakh shares of Hindalco Industries changed hands amounting to a turnover of Rs 17.45 crore.
Market cap of Hindalco Industries rose to Rs 1.16 lakh crore on BSE. Hindalco Industries shares have a one-year beta of 0.4, indicating low volatility during the period.
The stock is down 9.61% in a month. After the correction, CLSA said concerns regarding the company are overdone.
The fall in the share price comes as Hindalco's US-based subsidiary Novelis has announced a delay in completion and an increased capital for the Bay Minette project.
The project’s completion is likely to be delayed by 9-12 months and now expected to finish in the second half of 2026. The delay means lower returns, disappointing for both management and investors.
Novelis is a maker of flat-rolled aluminium products used in building products ranging from beverage cans to aeroplanes.
In terms of technicals, the relative strength index (RSI) of Hindalco Industries stands at 34.2, signaling it's trading neither in the overbought nor in the oversold zone. Hindalco Industries shares are trading higher than the 5 day, 10 day, 150 day, 200 day but lower than the 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.