27 JUNE 2013The Economic Times
Analysts expect Hindalco to rally past INR 100 mark
Edited by : AL CIRCLE
1 min read
Shares of Hindalco Industries moved higher in choppy trade as sentiment turned bullish in the counter after its subsidiary Novelis hiked price of painted aluminium sheet products in Europe.
According to reports, the fabrication price will increase by 100 euro per ton for painted products and selected specialty sheet.
“This price adjustment reflects the prevailing strong demand for aluminium painted products combined with increasing production costs,” said Erwin Mayr, Senior Vice President, Novelis and President, Novelis Europe.
Hindalco has been gaining momentum as globally, things are looking charged up and incrementally, things are looking rather positive for aluminium as a cycle.
The revival in US housing market and demand from the US aviation industry is expected to increase aluminium demand.
According to Nikunj Dalmia, Senior Stocks Editor, ET NOW, Hindalco may not give too much of headroom in the short-term. But a level of INR 120-125 looks conceivable as even at INR 120 it will be trading below its book value.
Ashwani Gujral, Fund Manager, ashwanigujral.com has recommended traders to buy the stock with stoploss of INR 92 for a target of INR 102.
According to reports, the fabrication price will increase by 100 euro per ton for painted products and selected specialty sheet.
“This price adjustment reflects the prevailing strong demand for aluminium painted products combined with increasing production costs,” said Erwin Mayr, Senior Vice President, Novelis and President, Novelis Europe.
Hindalco has been gaining momentum as globally, things are looking charged up and incrementally, things are looking rather positive for aluminium as a cycle.
The revival in US housing market and demand from the US aviation industry is expected to increase aluminium demand.
According to Nikunj Dalmia, Senior Stocks Editor, ET NOW, Hindalco may not give too much of headroom in the short-term. But a level of INR 120-125 looks conceivable as even at INR 120 it will be trading below its book value.
Ashwani Gujral, Fund Manager, ashwanigujral.com has recommended traders to buy the stock with stoploss of INR 92 for a target of INR 102.
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