India's Vedanta, Hindalco gain as JP Morgan upgrades to 'overweight'

HindalCo Industries

07/04/2026 05:39

** Shares of Vedanta VDAN.NS and Hindalco HALC.NS climb 2.6% and 3%, respectively - top gainers on metals index .NIFTYMET

** JPMorgan upgrades VDAN and HALC to "overweight" from "neutral," citing sustained strength in aluminium prices amid global supply risks due to the ongoing Iran war

** The Middle East conflict has put us on the edge of a bullish supply driven event horizon and recent smelter outages will likely last for months even after shipping through Strait of Hormuz eventually returns, says brokerage

** JPM sees attractive risk-reward into FY27 for VDAN and raises PT to 850 rupees from 680 rupees

** Adds, HALC expected to benefit from higher aluminium and copper prices and recovery at Novelis from FY27; PT raised to 1,125 rupees from 875 rupees

** Avg rating on VDAN at "buy" and HALC at "hold" - data compiled by LSEG

** YTD, VDAN up 17.5% and HALC up 7.7%; metals index gains 4.5%

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))