ICICI Direct Picks This Large Cap Metal Stock With "Buy" Rating, Target Price Rs 465/share

ICICI Direct assigns a "buy" rating on Hindalco Industries with a target price of Rs 465/share. The brokerage has given 12 months time period when Hindalco Industries' price can reach the given target price. According to the brokerage, the stock likely to given up to 15% potential return if stock is purchased at the given target price. Hindalco Industries is an Aditya Birla Group large-cap metal sector stock having a market valuation of Rs 91,067.56 crore.

Hindalco Industries' Stock Outlook & Performance/Returns

The current market price of Hindalco Industries is Rs 406.25/share. It traded the 52 week high on 5 April 2022 at Rs 590.95/share and 52 week low on 20 June 2022 at Rs 308.95/share, respectively. In the last 1 week, it has given 1.55% positive return, however, in the past 1 month, it has given 2.23% negative return. In the last 1 year, it has given 30.28% negative return. In 3 years it has given 356.36% multibagger return. In 5 years it has given 89.37% positive return.

Buy Hindalco Industries with a Target Price of Rs 465/share

ICICI Direct said, "Hindalco's share price has given a return of 17% in the last two years (from ~Rs. 345 in April 2021 to ~Rs. 402 in April 2023). We maintain our BUY rating on the stock Target Price and Valuation: We value Hindalco at Rs 465, based on SoTP valuation."

About - Hindalco Industries Ltd.

Hindalco is the world's largest aluminium company by revenues and a major player in copper. Hindalco is one of Asia's largest producers of primary aluminium. Novelis has leveraged its extensive recycling footprint and favourable market conditions to increase its recycled content to 61% in FY21.

Disclaimer - The stock has been picked from the brokerage report of ICICI Direct. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.