Motilal Oswal neutral on Hindalco

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Motilal Oswal neutral on Hindalco

Motilal Oswal has maintained its neutral rating on Hindalco Industries. The current stock price factors in the benefit of the rights shares to be issued at discount to the current market price.

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Motilal Oswal has maintained its neutral rating on Hindalco Industries in its August 19, 2008 research report. "The current stock price factors in the benefit of the rights shares to be issued at discount to the current market price. Ex rights, the average stock price works out to Rs 121 (7 shares @ Rs 132 + 3 shares @ Rs 96), which implies a P/E of 9x FY09. We have assumed aluminum prices of USD 3,000 per ton in our model, while aluminum prices on LME have recently fallen by 15-18% to USD 2,750 per ton. We maintain Neutral," says Motilal Oswal's research report.

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