09 SEPTEMBER 2011The Economic Times
Morgan Stanley downgrades Hindalco; cuts price target by half
Edited by : AL CIRCLE
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Morgan Stanley has downgraded Hindalco Industries to 'underweight' from 'overweight' and slashed its price target by nearly half to 126 rupees from 236 rupees as it expects near-term roadblocks for the Indian aluminum industry, relating to coal and bauxite availability.
The lack of any sign of a resolution of regulatory deadlock prompts a cut in production forecasts for Hindalco by up to 14 percent for FY12 and up to 12 percent for FY13, the investment banker said in a note.
The lack of any sign of a resolution of regulatory deadlock prompts a cut in production forecasts for Hindalco by up to 14 percent for FY12 and up to 12 percent for FY13, the investment banker said in a note.
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