Preface: The flagship company of the Aditya Birla Group recorded a significant increase in its consolidated net profit for the December quarter, showing a 71% surge year-on-year. Despite this notable growth, the reported figure of ₹2,331 crore fell short of analyst predictions, which had anticipated a higher net profit of around ₹2,400 crore.
Hindalco Industries witnessed a 14% decline in its stock price during morning trading on Tuesday, following the declaration of its December quarter performance by its US subsidiary, Novelis.
Although the financial results were in line with expectations, analysts expressed disappointment with the Capex guidance and extended timeline.
Analysts at Kotak Institutional Equities stated, “Novelis’ 3QFY24 adjusted EBITDA met our estimates, with an improving demand outlook in America, while Europe and Asia continue to face pressure.”
For Bharat Forge:
- CLSA and Citi have upheld a ‘sell’ call on Bharat Forge stock with targets of Rs 977 and Rs 800, respectively.
- JP Morgan and Morgan Stanley have maintained an ‘overweight’ rating with targets of Rs 1,250 and Rs 1,346, respectively.
- Jefferies has retained an ‘underperform’ rating with a target of Rs 950.
For Samvardhana Motherson International:
- CLSA has an ‘outperform’ rating on the stock with a target of Rs 126.
- JP Morgan maintains an ‘overweight’ rating with a target of Rs 130.