Buy Hindalco Industries, target price Rs 500: Edelweiss

Edelweiss has buy call on Hindalco Industries with a target price of Rs 500. The current market price of Hindalco Industries is Rs 468.45.

Time period given by analyst is Intra Day when Hindalco Industries Ltd. price can reach defined target.

Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 105222.36 Crore) operating in Metals – Non Ferrous sector.

For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 41625.00 Crore, up 2.28 % from last quarter Total Income of Rs 40696.00 Crore and up 61.95 % from last year same quarter Total Income of Rs 25702.00 Crore. Company reported net profit after tax of Rs 2785.00 Crore in latest quarter.

Investment Rationale
Short positions got trapped at 400 levels, follow through move resulted in breach of previous swing top

Promoter/FII Holdings
Promoters held 34.6 per cent stake in the company as of June 30, 2021, while FIIs held 25.2 per cent, DIIs 20.6 per cent and public and others 19.6 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.

Source link

Share Market Today