ICICI Securities upgrades India's Hindalco to buy, target Rs 1,200

moneycontrol.com

ICICI Securities upgraded Hindalco Industries to 'buy' with a Rs 1,200 target price, citing strong quarterly results and a recovery outlook for subsidiary Novelis. Novelis’ adjusted EBITDA beat estimates at $516 million, up 12% QoQ and 23% YoY, helped by $47 million insurance proceeds. Oswego production ramp-up supports FY27 volumes; structural savings exceed $225 million annually. The broker expects elevated aluminum prices through FY27 and set the target at 7 times FY28 EV/EBITDA. Cost savings are expected to reach about $300 million by FY27-end.


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ICICI Securities upgrades India's Hindalco to buy, target Rs 1,200 | News Minimalist