Hindalco share price up nearly 4% as brokerages bet on the stock, raise target price

HINDALCO

share price added nearly 4 percent intraday on February 23 after various brokerages raised target price of the stock. The company board approved amending the dividend distribution policy on February 22.

The objective of this policy is to provide clarity to stakeholders on the dividend distribution framework to be adopted by the company, it said in release.

Here is what brokerages have to say about the stock and the company:

CLSA | Rating: Buy | Target: Raised to Rs 380

CLSA raises FY22-23 profit estimate by 9%/24% on higher LME & lower interest cost and expect further rerating as there’s a growth visibility & focus on ESG, reported CNBC-TV18.

JPMorgan | Rating: Overweight | Target: Raised to Rs 360 from Rs 355

JPMorgan welcome capital allocation policy which aims to distribute cons OCF towards growth capex. Given sharp outperformance, would expect a consolidation phase ahead, reported CNBC-TV18.

Macquarie | Rating: Outperform | Target: Rs 350

The domestic & global capex targeted towards downstream expansion. The sustainability focus supporting downstream-led the growth. The downstream projects expected to be ROE-accretive, reported CNBC-TV18.

Citi | Rating: Buy | Target: Raised to Rs 385 from Rs 350

The company continues to benefit from resilient Novelis earnings. Research firm Citi hike FY22-23 EBITDA estimate by 7-9 percent on higher LME at USD 2,200 and expect aluminium prices to average USD 2,175/t in 2021 & $2,350/t in 2022, reported CNBC-TV18.

Jefferies | Rating: Buy | Target: Raised to Rs 390 from Rs 350

Jefferies raises FY22-23 EPS estimate by 5 percent on higher aluminum price assumptions and expect deleveraging at relatively lower pace than earlier anticipated, reported CNBC-TV18.

Vikas Jain, Senior Research Analyst at Reliance Securities is of the view that one can book profit in the higher range of near to Rs 340 levels and wait for declines to enter.

The stock has closed at an all-time high level surpassing its 2018 highs. The recent up move from Rs 225 levels is very sharp, so expect some exhaustion near to Rs 330-340 levels, he added.

At 09:56 hrs Hindalco Industries was quoting at Rs 319.50, up Rs 3.40, or 1.08 percent on the BSE.

The share touched its 52-week high Rs 328 and 52-week low Rs 85.05 on 22 February, 2021 and 23 March, 2020, respectively.

Currently, it is trading 2.59 percent below its 52-week high and 275.66 percent above its 52-week low.

News Source:- Moneycontrol

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