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Thursday, November 20, 2014
HINDALCO Industries Ltd: Buy
Initiating coverage on the stock, Goldman Sachs believes Hindalco will benefit from a change in product mix at Novelis and ramp-up of its domestic Aluminum capacity (by 150 percent to 1.3 metric tonnes currently).
“While it underperformed Sensex by 25 percent in the past three months due to de-allocation of its Mahan coal block, we think the focus will shift back to growth. If Hindalco were to secure any coal block in the upcoming auctions by 1HCY15E at an attractive price, it could be a potential catalyst,” the brokerage says in a note. However, lower aluminum prices, higher coal costs, delays in capacity ramp-ups may poise risk to the stock. Net profit of the
Aditya Birla group's flagship company fell 78 percent to Rs 79 crore. The decline was despite a Rs 361 crore forex gain and 36 percent rise in revenue. Revenue of the company rose 35.6 per cent during the quarter to Rs 8,554 crore from Rs 6,304.85 crore a year ago.
Meanwhile, the Coal Ministry is likely to issue draft rules for e-auction for 74 coal blocks today and these rules will be put up for public consultation as well as stakeholder consultation too. This has also boosted sentiment around the stock as draft rules are expected to provide clarity on compensation for the coal blocks and is being done to be fair to all the parties involved. The draft rules include the point that the assets on coal blocks are to be bilaterally managed by the buyer-seller. The rules further pave way for a cap on tariffs levied and says the revenue maximization is not aimed for regulated sectors like power.