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Morgan Stanley has cuts Hindalco Industries to 'equalweight' from 'overweight' and price target to Rs 256 from Rs 292.
“Peaking of volumes, higher cost/tonne in the Indian business and potential downside risk to Novelis' (co's unit) margins from import duty on aluminium,” are reasons for downgrade, Morgan Stanley said.
Vedanta
Brokerage remains constructive on Vedanta Ltd, focusing on volume growth and says potential cost efficiency will drive EBITDA growth in FY19. It has maintained 'overweight' on Vedanta and cut price target to Rs 386 from Rs 395.
Morgan Stanley has raised price target on Coal India Ltd to Rs 245 from Rs 221 rupees, and maintained 'underweight' rating saying there is lack of upside risk to earnings. Coal India's rising capex will slow down free cash flow, it added.
Hindalco shares were down 0.19 per cent and Coal India down 0.18 per cent. Vedanta shares were 5.6 per cent lower as stock trades ex-dividend.
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