Hindalco Industries came into focus on Thursday after global brokerage Macquarie downgraded the stock to ‘Neutral’ from ‘Outperform’, citing limited near-term upside following the stock’s recent rally. However, the firm raised its target price to Rs 876 from the previous Rs 709, highlighting long-term confidence in the company’s growth strategy.
Macquarie noted that while it continues to like Hindalco’s balanced portfolio — combining global downstream growth through Novelis and upstream expansion in India — the sharp stock performance in recent months has already priced in much of the positives, leading to the rating revision.
The brokerage added that Hindalco’s strategic positioning in aluminium value-added products and strong capital deployment outlook remain key strengths, but current valuations leave restricted room for immediate upside.
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