Tuesday 11 November 2008

Hindalco a market performer: Karvy

Karvy Stock Broking has rated Hindalco Industries as a market performer with a target of Rs 65 in its November 11, 2008 research report. "Hindalco's Q2FY2009 results reflect the benefit of 18% higher realization in aluminium segment at Rs 129,000/tonne, which was partially due to 10% YoY depreciation in rupee against dollar. APAT grew by only 12.0% YoY to Rs 7,200 million. Based on consolidated EV/EBIDTA of 4x of FY2010E (after adjusting for equity dilution due to rights issue and raising of fresh debt), our target price for Hindalco stock is Rs 65. We rate the stock as Market Underperformer," says Karvy Stock Broking's research report.

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Source: Moneycontrol

Posted by Harsh at 07:36

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