Buy Hindalco; target of Rs 550: Motilal Oswal.

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Motilal Oswal: “Buy Hindalco; target of Rs. 550”

In its research report dated September 20, 2023, Motilal Oswal is optimistic on Hindalco and recommends a buy rating on the company with a target price of Rs 550.

Hindalco research study by Motilal OswalL:

Over the next five years, Hindalco (HNDL) expects to spend USD 4.4 billion on capital expenditures for a number of projects, including the growth of FRP capacity in the United States, upstream expansion at Mutual, special alumina business capacities, and downstream aluminium capacities, among others. Capex for the USA region totals more than USD3 billion. The downstream segment will get over 80% of India’s USD 1.1 billion in organic growth capital expenditures. By 4QFY24, HNDL anticipates Novelis’ EBITDA/t to reach USD525 per share. We think HNDL is enhancing its downstream capabilities at the ideal time to seize the promising development prospects. The long-term picture is still favourable, despite short-term challenges brought on by a slowdown in China and its effect on the price of non-ferrous metals.We maintain our BUY rating on the stock with a TP of INR550 based on SOTP.

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