Hindalco Industries rallies 10%, market capitalisation touches ₹1 lakh crore
- Hindalco Industries have surged 15% in the last 5 days on its US subsidiary Novelis' upbeat earnings and plans to raise $1,500 million.
- The rally in the stock on July 29 pushed the company’s market capitalisation to ₹1 lakh crore.
- Shares of the company were at a 52 week record high at ₹456.45.
- Nifty Metals are up 4.5% led by gains in Tata Steel and Hindalco Industries.
Investors took positive cues from the company’s US subsidiary Novelis that came up with its June quarter earnings this week. Not only did the company give better-than-expected earnings, it announced plans to raise $1,500 million to refinance higher-cost bonds.
Shares of aluminium and copper manufacturing company Hindalco surged more than 9%, on July 29, to reach its 52 week record high of ₹456.45.
AdvertisementMost of the metal stocks were up on Thursday, while Hindalco Industries remained the top gainer in the batch.
Nifty Metals are up 4.5% led by gains in Tata Steel and Hindalco Industries. In the last 30 days, Hindalco Industries’ stock has surged 18%.
|Brokerage firm||Target price|
|SMC Global Securities||₹464|
|Kotak Institutional Equities||₹500|
The company is yet to announce its June quarter results.
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