India's National Aluminium jumps after Kotak double upgrades to 'add'

National Aluminium

01/10/2024 08:20

** Shares of National Aluminium Co  NALU.NS  rise 6.4% to
223.5 rupees 
    ** Stock top pct gainer in Nifty metal index  .NIFTYMET ,
which is flat 
    ** Kotak Institutional Equities double upgrades NALU to
"add" from "sell", hikes target price to 235 rupees from 160
rupees
    ** New TP is second highest among nine analysts tracking
NALU
    ** NACL best placed to benefit from ongoing alumina supply
tightness, given co's net long position and consequent tailwind
in aluminium prices - Kotak
    ** Says ramp up in captive coal mines commissioning should
keep costs on downtrend
    ** Mean rating of nine analysts is equivalent to "hold";
median price target is 185 rupees - LSEG data
    ** NALU up 69% YTD vs 28% rise in metal index  .NIFTYMET 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))