Hindalco Industries, a major player in the aluminium and copper sector, is currently experiencing notable fluctuations in its share price. As of October 16, 2024, the stock opened at ₹746.00 and closed at ₹727.55, marking a decrease of 1.30% from the previous day’s closing price of ₹731.30. The stock has shown a trading range between ₹710.00 and ₹735.75 during the day, with a volume of approximately 3.733 million shares traded.
Main Points
- Current Price: ₹727.55
- Previous Close: ₹731.30
- Opening Price: ₹746.00
- Day’s Range: ₹710.00 – ₹735.75
- Volume: 3.733 million shares
The market capitalization of Hindalco is around ₹165,665 crores, with a PE ratio of 15.05 and earnings per share (EPS) of ₹47.95. The stock has a dividend yield of 0.48%, making it an attractive option for income-focused investors.
Analysts have set various price targets for Hindalco Industries for the upcoming days and weeks:
Short-Term Targets (October 2024)
- Upside Target: ₹754.82
- Downside Target: ₹743.00
Daily Price Predictions (October 17, 2024)
- First Upside Target: ₹733.5
- Second Upside Target: ₹806.85
- First Downside Target: ₹711.56
- Second Downside Target: ₹683.05
For tomorrow (October 17), the expected movement indicates a bullish trend, with predictions suggesting that the stock may reach as high as ₹742.43 on the upside while facing support around ₹729.58 on the downside.
Recent technical indicators suggest that Hindalco is in a downtrend but may be poised for a reversal if it maintains above key support levels:
- Resistance Levels:
- ₹727.85
- ₹713.85
- Support Levels:
- ₹671.86
- ₹663.20
The stock’s performance over the last few weeks has shown volatility, with significant movements influenced by broader market trends and company-specific news.
Latest News and Market Sentiment
Recent reports indicate that Hindalco Industries is expected to report a substantial increase in its profit after tax (PAT) for Q2 FY24, projected to rise by 57% year-on-year to approximately ₹3,350 crores. This positive outlook is contributing to bullish sentiment among investors.
Market analysts are also looking at global factors affecting metal prices, particularly in relation to potential stimulus measures from China, which could enhance demand for aluminium products. The overall market sentiment appears cautious due to recent sell-offs in other sectors like banking and automobiles.
| Metric | Value |
|---|---|
| Current Share Price | ₹727.55 |
| Market Capitalization | ₹165,665 crores |
| PE Ratio | 15.05 |
| EPS | ₹47.95 |
| Dividend Yield | 0.48% |
| Day’s High | ₹746 |
| Day’s Low | ₹710 |
Hindalco’s stock is currently under scrutiny as investors weigh its potential against market volatility and external economic factors.
