Hindalco Industries has target of Rs 280: Singla

Hindalco Industries has target of Rs 280, says Manoj Singla, MD & Co- Head Product, Religare Capital Markets.

Singla told CNBC-TV18, "We have upgraded Hindalco today to a buy. The stock has corrected quite a bit at around Rs 200-205 levels, this looks attractive to us. We have a target price of Rs 280 on that, so again because of the global volatility, the stock could trade sideways or do nothing for the next one or two months but on the six-nine months, we think there is lot of value in the Hindalco precisely because valuations are looking very attractive now."

The company's trailing 12-month (TTM) EPS was at Rs 10.93 per share. (Dec, 2010). The stock's price-to-earnings (P/E) ratio was 18.70. The latest book value of the company is Rs 145.78 per share. At current value, the price-to-book value of the company was 1.4. The dividend yield of the company was 0.66%.