Hindalco trades higher after record Q2; analysts hold Buy ratings despite target cuts
The stock opened at ₹947.90, touched an intraday high of ₹960.70 and a low of ₹919.30. Buy orders accounted for 57.91 per cent of total activity, with traded volume of 47.20 lakh shares worth ₹444.28 crore.
Shares of Hindalco Industries were trading higher on the National Stock Exchange on Monday, following the company's record Q2 results. The stock opened at ₹947.90 and reached a high of ₹960.70, trading at ₹959.85 by 11:57 am. Buy orders made up 57.91% of total activity, with 47.20 lakh shares changing hands worth ₹444.28 crore. Hindalco's 52-week price range was ₹771.85 to ₹1,176.
Analysts maintained buy ratings on the stock, but two of them reduced their target prices. Elara Securities retained the highest target at ₹1,227, suggesting a 28% upside from Thursday's close of ₹958, citing record copper EBITDA and anticipated growth at Novelis as Bay Minette plants ramp up operations. Motilal Oswal also kept a buy rating with a target of ₹1,180, increasing FY27 estimates by 5% to account for strong earnings, while acknowledging potential subdued second-half earnings due to lower LME aluminium prices and rising production costs.
Axis Direct cut its target to ₹1,060 from ₹1,155, citing weaker aluminium realizations and higher raw material cost assumptions, but kept its buy call.
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