Hindalco Industries rallies 10%, market capitalisation touches ₹1 lakh crore

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Hindalco Industries rallies 10%, market capitalisation touches ₹1 lakh crore
BCCL
  • 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.
Market capitalisation of Hindalco Industries crossed ₹1 lakh crore as the stock rallied 15% in the last five days and nearly 10% on July 29.

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.

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Most 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 firmTarget price
SMC Global Securities₹464
ICICIdirect₹475
Kotak Institutional Equities₹500

The company is yet to announce its June quarter results.
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