ICICI Securities has downgraded its rating for Hindalco Industries to ‘add’ from ‘buy’, lowering the target price to Rs 790 from Rs 830. Despite a positive long-term outlook, short-term profitability concerns arise from volatile scrap prices. Although Hindalco is implementing mitigation strategies, ICICI Securities has adjusted EBITDA projections downwards for FY25 and FY26.
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