Nirmal Bang, one of the leading equity research-cum-broking house, is of the view that investors can buy Hindalco Industries with a short-term target price of Rs 93-103.

According to experts at Nirmal Bang, the counter has corrected by almost 26% from its top of 106 in a short period of time. So buy and hold the stock.

The report further stated that, if the counter is successful to breach 86, then it will create a huge breakout.

The strong support level for the stock has been suggested at Rs 79.

Today (June 25), the shares of the company opened at Rs 84.90 on BSE. Current EPS & P/E ratio stood at 14.25 and 6.01 respectively. The share price has seen a 52-week high of Rs 145.51 and a low of Rs 36.90 on BSE.

Hindalco Industries announced that it is on the brink of acquiring a coal mine in Queensland, Australia, in a deal estimated at around Rs 336-385 crore.

The flagship of the Aditya Birla group, which has been exploring coal mines in Queensland for some time, is reliably learnt to have shortlisted one mine in the region with reserves of approximately 120 million tonnes.

Hindalco Industries, on June 12, has given an order worth Rs 4,015-crore to Bharat Heavy Electricals for supplying boilers, turbines and generators at its 900-MW captive power plant in Orissa.

The order comes on the heels of a deal placed on BHEL by Hindalco recently for a similar main plant package for its captive power plant (6x150 MW) at the Singrauli district of Madhya Pradesh.

Hindalco Industries Ltd said that a meeting of its directors will take place on June 30, 2009, for consideration of the Audited Accounts of the Company for the twelve month period ended March 31, 2009 and dividend for the Financial year ended March 31, 2009.