Buy Hindalco; target of Rs 650: ICICI Direct
ICICI Direct is bullish on Hindalco has recommended buy rating on the stock with a target price of Rs 650 in its research report dated October 19, 2021.
October 19, 2021 / 10:44 AM IST
ICICI Direct's research report on Hindalco
Hindalco is the world’s largest aluminium company by revenues, and a major player in copper. Its wholly owned subsidiary Novelis is the world’s largest producer of aluminium beverage can stock. Over the years, Hindalco has transformed its business model to reduce dependence on the volatile LME price movement and is focusing on a stable portfolio of value added produces Novelis has leveraged its extensive recycling footprint and favourable market conditions to increase its recycled content to 61% in FY21
We maintain our BUY rating on the stock We value Hindalco at Rs 650, based on SoTP valuation
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