Jefferies has maintained a hold rating and lowered the target price. Axis Securities, Phillip Capital,
and CLSA have maintained a buy rating. Credit Suisse and Macquarie have retained an outperform rating. While Macquarie has retained a target price of `680, Credit Suisse cut its target price to `610 from `640. “We cut our FY23 Ebitda/PAT (operating profit/profit after tax) estimate by 16%/22%, at the consolidated level, driven by a 28% reduction in India Ebitda due to higher coal costs. We expect the coal crisis to dissipate in the next one-to-two quarters,” said Motilal Oswal.
CLSA has maintained a target price of `580 on Hindalco. “While it reported best-ever aluminium profitability, lower domestic coal availability and softening of prices is a headwind going ahead. However, captive coal blocks augur well for costs going ahead,” said CLSA. Shares of
Industries gained 0.3% to close at `409.15 on Friday
