CLSA on Hindalco Buy, Target Price Rs 525 Stk corrected 18% over past month, driven by concerns over Novelis’ profitability, volatile aluminium prices & expected weakness in 2Q earnings Believe any uptick in metal prices or clarity on Novelis’ outlook would likely to lead to a rerating

Jefferies on Hindalco Hold, TP Rs 380 Ball Corp., Novelis’ largest customer, has lowered its 5-yr vol CAGR outlook for North America from 4-6%+ to 2-4%, & for South America from 5-8%+ to 4-7% Slowing can demand & falling aluminum prices are hurting co’s outlook