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Hindalco Industries has rallied 7% to Rs 176, also its highest level since July 2011 on NSE, after CLSA upgraded the stock to buy from sell rating with a target price of Rs 215.
Brokerage house CLSA forecast stock will double in 4 years on “multi-year deleveraging cycle”, a Bloomberg report suggests.
Hindalco could double in 4 years once Novelis’s new units, India smelters and Mahan coal mine fully ramp-up, analysts Abhijeet Naik, Nitij Mangal said in the report.
Novelis will be “big beneficiary” of accelerating shift of global automakers from steel to aluminium, CLSA says.
The stock opened at Rs 167 and has seen huge trading activity on the counter. At 1000 hours, a combined 7.81 million shares have already changed hands as against an average sub 10 million shares that were traded daily in past two weeks on BSE and NSE.
Meanwhile, Steel Authority of India, Sesa Sterlite, Tata Steel, Jindal Steel and Power, Hindustan Zinc and JSW Steel are also trading higher in the range of 2-3% on the BSE. The S&P BSE Metal index, the largest gainer among sectoral indices, up nearly 3% compared to 0.40% rise in benchmark S&P BSE Sensex.
Brokerage house CLSA forecast stock will double in 4 years on “multi-year deleveraging cycle”, a Bloomberg report suggests.
Hindalco could double in 4 years once Novelis’s new units, India smelters and Mahan coal mine fully ramp-up, analysts Abhijeet Naik, Nitij Mangal said in the report.
Novelis will be “big beneficiary” of accelerating shift of global automakers from steel to aluminium, CLSA says.
The stock opened at Rs 167 and has seen huge trading activity on the counter. At 1000 hours, a combined 7.81 million shares have already changed hands as against an average sub 10 million shares that were traded daily in past two weeks on BSE and NSE.
Meanwhile, Steel Authority of India, Sesa Sterlite, Tata Steel, Jindal Steel and Power, Hindustan Zinc and JSW Steel are also trading higher in the range of 2-3% on the BSE. The S&P BSE Metal index, the largest gainer among sectoral indices, up nearly 3% compared to 0.40% rise in benchmark S&P BSE Sensex.
