Hindalco a market performer: Karvy
Karvy Stock Broking has rated Hindalco as a market performer with a target price of Rs 43 in its February 20, 2009 research report.
“Novelis Inc., the company fully acquired by Hindalco, has declared its Q3FY2009 results. Net sales for the quarter were USD 2,176 million. Sales volume fell by 11%, 19% and 25% YoY in North America, Europe and Asia respectively. Total shipments declined 15% YoY to 659,000 tonne.
Though the company incurred a loss of USD 2,072 million before tax, the tax credit of USD 199 million resulted into lower loss after tax of USD 1,873 million. Excluding the goodwill impairment, the net loss was USD 533 million. The results reaffirm our belief that the acquisition remains a dampener.”
“We reduce the target price further on Hindalco from Rs 65 to Rs 43 to factor in lower contribution from Novelis in FY2010. But due to the steep fall in the market price, our rating changes from under performer to market performer,” says Karvy Stock Broking’s research report.
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