Sell Hindalco With Stop Loss Of Rs 190

Sell Hindalco With Stop Loss Of Rs 190Stock market analyst Somil Mehta of Sharekhan has maintained 'sell' rating on Hindalco Industries Limited stock with a target of Rs 175.

The strict stop loss for the stock is Rs 190.

Mr. Mehta said that if the stock fell below Rs 170, it may see more weakness.

Today, the stock of the company opened at Rs 1025.10 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1077.20 and a low of Rs 530.10 on BSE.

Current EPS & P/E ratio stood at 51.12 and 20.24 respectively.

Hindalco Industries, an Aditya Birla group company, eyes to open its new alumina refinery plant in Orissa by September next year (2011), with commercial sales to start from December.

Hindalco Industries has made a capital expenditure (capex) plan of Rs 10,000 crore in the existing financial year, which will surge to Rs 11,000 crore by the next fiscal (2011-12).

Hindalco will also pump in around Rs 40,000 crore by 2014 in a variety of greenfield and brownfield expansions.

While talking to stockowners at the 51 {+s} {+t} AGM, Mr. Kumar Mangalam Birla, Chairman, stated that Hindalco's greenfield projects such as Utkal Alumina, Mahan Aluminium, Aditya Alumina and Jharkhand Aluminium were on track and had made major growth.