Hindalco shares hit new 52-week high after global brokerage retains 'outperform' call

Asia's Tech News Daily

#Buzzing Stocks, Hindalco Industries

Hindalco Industries‘ share price jumped more than 5 percent in the morning session on October 18 after Credit Suisse reiterated the “outperform” call on the stock and raised target to Rs 640 from Rs 555 per share, an upside of around 18 percent.

It has Hindalco Industries as its top pick in the metal space. The reserach firm has also raised FY23/FY24 EPS estimates by 15 percent/10 percent, according to a CNBC-TV18 report.

The brokerage firm believes that Novellis’ record high scrap spread is a tailwind and will be the main deleveraging trigger.

The stock was trading at Rs 543.40, up Rs 27.40, or 5.31 percent. It has touched a 52-week high of Rs 547.40. It has touched an intraday high of Rs 547.40 and an intraday low of Rs 530.

According to a report by ICICI Securities, the Nifty Metal, after the strong outperformance during November 2020-July 2021, is seeing consolidating and forming a higher base in the last two months.

The Hindalco share price has outperformed in the last two months of index consolidation and is seen breaking above the last two month’s high (Rs 474), highlighting resilience backed by strength in aluminium prices on the London Metal exchange.

The entire up move since April 2020 is well channelled, signalling sustained demand at elevated levels. The stock recently rebounded taking support at the lower band of the rising channel, thus offering a fresh entry opportunity.

It expects the stock to head towards Rs 580 and recommends holding positions with a trailing stop loss of Rs 484, the brokerage firm said.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not thoseof the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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