Buy Hindalco Industries, target price Rs 212: IIFL

IIFL has given a buy rating to Hindalco Industries with a target price of Rs 212. The share price moved up by 1.35 per cent from its previous close of Rs 204.15. The stock’s last traded price is Rs 206.90.

Hindalco Industries Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 45836.82 Crore) operating in Metals - Non Ferrous sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 31237.00 Crore, up 23.55 % from last quarter Sales of Rs 25283.00 Crore and up 5.33 % from last year same quarter Sales of Rs 29657.00 Crore Company reported net profit after tax of Rs 387.00 Crore in latest quarter.

Investment Rationale
Stock has given a bullish inverse head & shoulder breakout on the weekly chart.

Promoter/FII Holdings
Promoters held 34.7 per cent stake in the company as of June 30, 2020, while FIIs held 18.8 per cent, DIIs 27.3 per cent and public and others 19.3 per cent.