Emkay has provided its analysis on the metals sector with specific insights into Hindalco, Vedanta, and NALCO:
- Hindalco: The brokerage has initiated a ‘Reduce’ call on Hindalco with a target price of ₹650, compared to the current market price of ₹746.70. Emkay notes that Hindalco’s stock is pricing in all positives, but they remain unconvinced about the impact of the Bay Minette capex.
- Vedanta: Emkay has initiated a ‘Buy’ rating on Vedanta with a target price of ₹600, indicating an upside from its current market price of ₹496.90. The firm’s positive outlook is supported by the demerger and premium valuation of pure plays. Emkay also expects Vedanta’s project completions to help ease balance sheet concerns.
- NALCO: The brokerage has also initiated a ‘Buy’ rating on NALCO with a target price of ₹275, up from the current price of ₹222.10. Emkay believes the market is underestimating NALCO’s earnings potential and project deliveries. They expect market sentiment to turn positive as the company continues to deliver on profitability, listing NALCO as a top pick in the metals and mining sector.
Disclaimer: The information provided is for informational purposes only and should not be construed as investment advice. Please consult your financial advisor before making any investment decisions.
