Hindalco Down 2% As Co Sees Headwinds For Arm Novelis In FY24

Shares of Hindalco Industries dropped by two percent, making it the top loser on Nifty 50, in response to the company's outlook that its subsidiary Novelis will continue to face headwinds in FY24. CLSA, JP Morgan and Jefferies have given bullish rating on Hindalco stock. In this, CLSA has retained the buy rating. Along with this, an upside target of Rs 550 has been given on the stock. According to the brokerage report, capex of around Rs 36000 crore will be an important trigger. Due to this, strong growth can be seen in the profits of the company.