Buy Hindalco Industries, target price Rs 675: ICICI Direct
Hindalco Industries with a target price of Rs 675. The current market price of Hindalco Industries is Rs 579.5.
Time period given by analyst is year when Hindalco Industries price can reach defined target.
Hindalco Industries, incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 129709.34 Crore) operating in Metals — Non Ferrous sector.
Hindalco Industries key Products/Revenue Segments include Copper/Copper Products, Fertilizers, Other Operating Revenue, Sale of services for the year ending 31-Mar-2023.
Financials For the quarter ended 30-09-2023, the company has reported a Consolidated Total Income of Rs 54632.00 Crore, up 2.34 % from last quarter Total Income of Rs 53382.00 Crore and down -3.31 % from last year same quarter Total Income of Rs 56504.00 Crore. Company has reported net profit after tax of Rs 2196.00 Crore in latest quarter.
Investment Rationale
In largecaps Hindalco is seen coming out of two years triangle indicating resumption of primary up trend. Structurally, stock has formed strong base at 100 week EMA that also coincides with 50% retracement of CY20-22 rally.
Promoter/FII Holdings Promoters held 34.64 per cent stake in the company as of 30-Sep-2023, while FIIs owned 27.01 per cent, DIIs 25.46 per cent.
