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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Hindalco Industries Limited    500440   INE038A01020

HINDALCO INDUSTRIES LIMITED

(500440)
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Indian shares cheer PM Modi's promise on COVID-19 vaccines

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08/17/2020 | 01:15am EDT

BENGALURU, Aug 17 (Reuters) - Indian shares eked out gains on Monday as Prime Minister Narendra Modi's assurance on mass production of COVID-19 vaccines and more infrastructure spending by the government boosted sentiment.

The NSE Nifty 50 index was up 0.33% at 11,214.50 by 0450 GMT, while the S&P BSE Sensex was up 0.23% at 37,963.60. Both indexes rose as much as 0.63% in early trade.

"Along with mass production, the roadmap for distribution of vaccine to every single Indian in the least possible time is also ready," Modi said in his Independence Day speech on Saturday.

He reiterated plans to improve the country's infrastructure by spending more than 110 trillion rupees ($1.47 trillion) on around 7,000 projects.

"Modi's points are helping some stocks but markets are still undecided and we could see a repeat of Friday's profit-taking," said Neeraj Dewan, director at Quantum Securities in New Delhi.

Indian equities saw a steep fall late on Friday and analysts say stocks are likely to so see further correction as they remain over-valued.

In Mumbai trading, IT and Metal stocks rose with the Nifty IT index and the Nifty Metal index rising over 1% each.

The Nifty Infrastructure Index was a tick higher after advancing 0.57% in early trade. Conglomerate Larsen & Toubro Ltd rose 2.46% and electric power generator NTPC Ltd added 3.51%

Banking stocks lost ground with the Nifty PSU Bank index and the Nifty private banking index slipping 1.26% and 0.8%, respectively.

Private sector lender Axis Bank Ltd fell 2.41% to a near 2-week low and was the top loser on the Nifty 50 index.

Shares of oil-to-telecoms conglomerate Reliance Industries Ltd slipped 1.5% and was among the top three drags on the index.

Meanwhile, India's COVID-19 death toll crossed 50,000 and total coronavirus stood nearly at 2.65 million as of Monday.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Arun Koyyur)


Stocks mentioned in the article
ChangeLast1st jan.
AXIS BANK LIMITED -0.67% 507.15 End-of-day quote.-32.74%
HINDALCO INDUSTRIES LIMITED -1.19% 182.2 End-of-day quote.-15.69%
LARSEN & TOUBRO LIMITED 0.53% 941.2 End-of-day quote.-27.54%
LONDON BRENT OIL -1.65% 41.66 Delayed Quote.-35.76%
NIFTY 50 0.29% 11930.35 Delayed Quote.-1.96%
NTPC LTD 1.89% 86.25 Delayed Quote.-27.55%
RELIANCE INDUSTRIES LTD 0.29% 2113.05 Delayed Quote.40.89%
SENSEX 30 0.31% 40685.5 Real-time Quote.-1.38%
STATE BANK OF INDIA -0.25% 202.8 Delayed Quote.-39.24%
WTI -2.04% 39.715 Delayed Quote.-33.87%
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Financials
Sales 2021 1 230 B 16 655 M 16 655 M
Net income 2021 29 480 M 399 M 399 M
Net Debt 2021 588 B 7 963 M 7 963 M
P/E ratio 2021 13,9x
Yield 2021 0,59%
Capitalization 405 B 5 490 M 5 486 M
EV / Sales 2021 0,81x
EV / Sales 2022 0,66x
Nbr of Employees -
Free-Float 64,7%
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Mean consensus BUY
Number of Analysts 21
Average target price 227,70 INR
Last Close Price 182,20 INR
Spread / Highest target 56,4%
Spread / Average Target 25,0%
Spread / Lowest Target -23,2%
EPS Revisions
Managers
NameTitle
Satish P. Pai Managing Director & Executive Director
Anil Kishan Kumar Malik President, Secretary & Compliance Officer
Kumar Mangalam Birla Non-Executive Chairman
Satish Jajoo COO & Head-Renukoot, Renusagar & Mahan Unit
Praveen Kumar Maheshwari Chief Financial Officer & Independent Director
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