Hindalco the flagship company of Aditya Birla Group, has witnessed a substantial resurgence in its stock performance bouncing back from earlier losses to register positive gains for the year 2024. The stock has gone up by more than 15% in a month.
Hindalco shares, which had fallen to their 2024 low of INR 496 in February this year, closed at 2023 levels of over INR 600. The stock is up 25% from those levels.
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Seventh Best Performer – Nifty Metal Index
Interestingly, as an integrated aluminium and copper producer, Hindalco has emerged as the 7th top performer on the NIFTY Metal Index over the past month. Despite intense competition in the sector, the company’s strategic positioning has enabled it to outshine major players like Tata Steel and JSW Steel.
Mixed Performance Amidst Industry Peers
While the company has demonstrated robust growth, it falls short in comparison to industry giants such as Vedanta, Hindustan Zinc and Hindustan Copper, which have recorded impressive surges from 35% to 45% during the same period.
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Analysts Outlook
The brokerage firm JPMorgan has reinforced confidence in Hindalco by issuing an “overweight” rating and raising its price target to INR 665 from INR 600. With a positive outlook on the non-famous sector and a revised price forecast for aluminium and zinc, the sentiment remains bullish among analysts.
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