This metal stock is up 32% in just 6 months, and counting; check out analysts' targets

The stock of Hindalco Industries Ltd, a major aluminium and copper producer in India, has delivered returns of nearly 35 per cent and 65 per cent in the last 6 and 12 months, respectively. Is there further upside potential for the stock?

Following the US initial public offering (IPO) of Novelis, Hindalco's subsidiary, foreign brokerage CLSA has maintained a 'buy' rating on the stock.

CLSA recommended buying Hindalco Industries (HINDALCO) shares with a target of Rs 770 each. According to the brokerage, growth in terms of valuation (FY25 EV/EBIDTA) is 7.7 to 8.6 times for the subsidiary.

Sandeep Wagle of Sandeep Wagle Advisory suggests buying the stock for a target of Rs 720 with a stop loss at Rs 670. He believes the stock could reach at Rs 720 if it surpasses the resistance level of Rs 695. Sandeep also expects it will not slip below the level of Rs 666.

Short-term investment strategy on Hindalco

Zee Business analyst Varun Dubey recommends buying the Rs 680 call option (June) of Hindalco Industries for a target of Rs 55 with a stop loss at Rs 33.

Choice Broking bullish on Hindalco shares

An analyst of Choice Broking, Sumeet Bagadia recommends buying the shares of Hindalco Industries for a short-term target of Rs 699 and Rs 705 each with a stop loss at Rs 678.

Hindalco Stock vs Sectoral Index

As of May 28, 2024, the stock has surged 62.25 per cent in the last year, outperforming the Nifty 50 index which has given nearly 22.37 per cent return. However, it fell short of the Nifty Metal index's gain of around 65 per cent during the same period.