Indian markets were trading flat on Friday afternoon after opening positive. The stock markets drifted in the afternoon as heavyweight stocks were trading lower. Among major losers were Tata Power, DLF, Reliance Infra, Power Grid, Hindalco, Larsen and SAIL.
Reliance, Cipla, Axis Bank, HDFC Bank, PNB, Bajaj Auto and SBI were marginally down. Standard Chartered has given a target of 6000 for NSE Nifty in next six-nine months' period.
Hindalco Industries Ltd., part of the Aditya Vikram Birla group, has reportedly sold shares to institutional investors and raised up to US$600mn in an effort to part-finance three greenfield projects.
The floor price for the share sale has been determined at Rs 130.90 per share, which is also known as qualified institutional placement in market parlance.
Alstom Projects India, a majority owned subsidiary company of Alstom SA France - the global leader in power generation and rail infrastructure, has secured orders worth Rs 365 crore from Hindalco Industries, for supply and installation of four gas treatment plants in the country.
Hindalco Industries has announced that it is planning to raise around $500 million through a QIP or by other sources, required for expansion of the company.
During company’s annual meeting on Friday, Mr. Kumar Mangalam Birla, Hindalco’s chief, said that the proposal has been approved by board members, and the company is likely to raise funds by issuing security in domestic or international markets.
McNally Bharat Engineering Company Ltd, a Kolkata-headquartered joint venture between BM Khaitan group and GP-CK Birla group, has announced that it has bagged two orders worth Rs 179.27 crore from Hindalco Industries for construction related works.
The engineering firm has received both the orders for the civil and structural works from Hindalco Industries.
Hindalco Industries Ltd, India's biggest aluminum producer, on Friday reported a lower-than-expected 31% decrease in net profit of the first quarter of the current fiscal.
Its net profit for the said quarter came down to Rs 4.81 billion from Rs 6.97 billion in the last year, whereas net sales went down 16% to Rs 38.71 billion from Rs 46.19 billion.
Nine brokerages forecast net profit of 3.09 billion rupees for the quarter, on net sales of 38.52 billion.
As per views of technical analyst Mathew Easow, investors can purchase Hindalco Industries stock on declines to achieve a short term between Rs 204-210.
The stop loss marked for the suggested stock is Rs 178.
Today (May 28), the company’s shares opened at Rs 187, as against its last closure at Rs 185.50 on Monday (May 27), on the Bombay Stock Exchange (BSE). Current EPS and P/E ratio stood at 18.94 and 10.14 respectively. The share price has seen a 52-week high of Rs 223.3 and a low of Rs 135 on BSE.
Stock market analyst Ashwani Gujral has suggested investors to purchase ‘Hindalco’ stock to achieve short term target of Rs 230 within 2 weeks
The stock has performed brilliantly on Friday (15 Feb), and marked its closure at Rs 178.50, up 9.01%. Today, the stock opened at Rs 182 on BSE.
On Bombay Stock Exchange, the stock has touched 52-week high of Rs 223.3 and the low of Rs 125.25. The investors can purchase the stock around Rs 175 with a stop loss of Rs 160.
With an EPS of Rs 20.45, the stock is trading with a P/E of 8.78 at 10:10 am (today).
After analyzing Hindalco Industries, stock market analysts have came to the conclusion that day traders can buy the stock of Hindalco Industries for intraday dealings.
The stock of Hindalco Industries is going on dips, and can be purchased by traders with strict stop loss of Rs 211 for intraday target of Rs 219.
The stock of the company has touched 52-week high of Rs 240 with a low of Rs 120 on National Stock Exchange.
The activity of Hindalco Industries is to produce aluminium and semi- fabricated products.
Aluminium major of India, Hindalco Industries Ltd is initiating new usage of aluminum in the automobile and aviation sectors. The company is poised to expand its brownfield plants while creating new greenfield projects aimed at taking the overall aluminium generation capacity to about 1.5-1.6 million tonnes per annum.