08 OCTOBER 2012Moneycontrol.com
Hindalco shares decline 2% due to downgraded ratings
Edited by : AL CIRCLE
1 min read
Shares of Hindalco Industries, country's largest aluminium maker, fell over 2 percent after the foreign research firm Citi has downgraded the stock to a sell.
Citi has cut the target price of the stock Rs 118. "A muted aluminum outlook, rising costs in existing operations and less viable project economics for the Mahan smelter are the key reason for the downgrade," the firm explained.
At 11:46 hours IST, the share was trading at Rs 123, down 1.60%.
Citi has cut the target price of the stock Rs 118. "A muted aluminum outlook, rising costs in existing operations and less viable project economics for the Mahan smelter are the key reason for the downgrade," the firm explained.
At 11:46 hours IST, the share was trading at Rs 123, down 1.60%.
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