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ICICI Securities Report
Our visit to Hindalco Industries Ltd.'s Hirakud 135 kilo tonne per annum plant reaffirms our belief that the company has sufficient scope to expand its cold rolling capacity further, as spare hot rolled capacity is available.
Besides, the plant is capable of catering to the advanced requirements from the aerospace sector and Indian Navy through import substitution.
We also observed that knowledge sharing initiatives with Novelis have enabled streamlining of processes and higher yield.
We maintain ‘Add' and an unchanged target price of Rs 500.
Key Risks
Sharp drop in London Metal Exchange aluminium or metal premium,
Lower than expected spreads at Novelis,
Slower than expected ramp up of Indian downstream capacity.
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