Hindalco Shares Gain On Plans To Set Up Battery Foil Manufacturing Plant
The aluminium manufacturer plans to invest Rs 800 crore to set up the facility.
Shares of Hindalco Industries Ltd. gained on Tuesday as the company plans to set up a battery foil manufacturing plant in Odisha.
The aluminium manufacturer plans to invest Rs 800 crore to set up the facility, with an intent to expand its capacity of producing fine quality aluminum foil which is used in rechargeable batteries, an exchange filing said.
With this expansion, Hindalco is also trying to serve electric vehicles and energy storage systems.
Shares of Hindalco Industries Ltd. advanced 3.08%, before paring gains to trade 2.60% higher at 11:20 a.m., compared to a 0.05% advance in the NSE Nifty 50.
The stock has risen 13.3% year-to-date. Total traded volume so far in the day stood at 2.0 times its 30-day average. The relative strength index was at 73.78.
Of the 25 analysts tracking the company, 24 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 5.0%.
