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Indian benchmark indices faced pressure on November 21, with the Nifty falling below 23,300 and the Sensex down 422.59 points, or 0.54%, closing at 77,155.79. The decline was driven by weak global cues and significant selling in Adani Group stocks following bribery charges against Gautam Adani. Major losers included Adani Enterprises and SBI, while Power Grid Corp and UltraTech Cement were among the gainers.
Anand Rathi has maintained a Buy rating on Hindalco Industries, setting a target price of Rs 800 per share. The company is progressing with its strategic expansion, including the ramp-up of the 250k tonne Guthrie facility and significant domestic capex in alumina, aluminium, and copper expected by FY27-29. With strong aluminium and copper EBITDA, increased beverage can shipments, and a focus on enhancing recyclability, Hindalco is well-positioned for growth.
Hindalco Industries reported strong operational performance in Q2FY25, driven by its upstream aluminum business and stable Novelis operations, despite muted Indian business volumes. The company anticipates higher coal costs impacting earnings, while global economic challenges may limit volume growth. The stock is rated 'Buy' with a revised target price of Rs 741, reflecting adjustments in EBITDA assumptions and higher aluminum prices.
Benchmark indices Nifty and Sensex continued their decline on November 13, marking five consecutive days of losses amid investor concerns over inflation, high valuations, and disappointing Q2 results. The Sensex fell by 496.54 points (0.63%) to 78,178.64, while the Nifty dropped 181.50 points (0.76%) to 23,702.00, with a significant sell-off across all sectors. Mid- and small-cap indices also slid, reflecting market fatigue, as the volatility index India VIX rose over 5%.
Hindalco Industries Ltd., a major player in India's aluminum and copper sectors, reported a remarkable 78% increase in net profit for the second quarter, reaching 39 billion rupees ($463 million), up from nearly 22 billion a year earlier. This surge was driven by elevated metal prices and increased income from non-core business activities, surpassing analyst expectations.
Hindalco's shares fell nearly 7% following a 28% drop in Constellium SE's stock, which reported lower third-quarter profits and revenues due to weak demand in the automotive and aerospace sectors. Concerns are mounting for Hindalco's arm, Novelis, as it drives 20% of the company's total volumes and a significant portion of its EBITDA, amid fears of similar challenges ahead.
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