Hindalco Industries Share Price Hits Life High Following Large Trade On NSE

Hindalco Industries Ltd.'s share price rose to life high on Friday after the company's shares changed hands in large trades. After the market opened, Hindalco Industries' 1.39 lakh shares were traded in a bulk at Rs 751.05 apiece.

In the pre-market hours, its 1.07 lakh shares changed hands in bunch trade at Rs 746.95 apiece.

As of June 30, Hindalco Industries has 214.98 crore shares outstanding. Of the outstanding shares, promoter group holds 34.64%, and public owns 64.92% equity, according to data available on the National Stock Exchanges.

The stock has been rising for the last four days. It gained 5.45% since Sept. 24.

Hindalco Industries Ltd.'s stock rose as much as 3.14% to Rs 757.70 apiece, the highest level since its listing on the bourses. It was trading 2.94% higher at Rs 756.10 apiece as of 10:20 a.m., as compared to a 0.17% advance in the NSE Nifty 50 index.

The stock gained 59.23% in 12 months, and 22.91% year-to-date. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 75.18, which implied the stock is overbought.

Out of 28 analysts tracking the company, 25 maintain a 'buy' rating, one recommends a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.9%