Hindalco share price rises 3%: ICICI Securities maintains HOLD, price target Rs 417
Hindalco Share price: ICICI Securities looks ahead in FY22/23E and see limited earnings tailwind for Novelis (vs expectations). ICICI Securities maintain HOLD rating with a target of Rs 417. Novelis as an earnings trigger is largely exhausted in ICICI Securities view, allowing the LME induced volatilities to drive share price performance from here on
Novelis was categorical in playing down the EBITDA impact from a halt in auto production due to chip shortage and can maintain US $500/te of EBITDA in Q1FY22E: Reuters