Buy Hindalco; target of Rs 465: ICICI Direct

ICICI Direct's research report on Hindalco

Hindalco is the world’s largest aluminium company by revenues and a major player in copper. Hindalco is one of Asia’s largest producers of primary aluminium • Novelis has leveraged its extensive recycling footprint and favourable market conditions to increase its recycled content to 61% in FY21.

Outlook

We maintain our BUY rating on the stock. We value Hindalco at Rs 465, based on SoTP valuation.