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The Relative Strength Index of the stock stood at 77.05 on Wednesday.

The Nifty Pharma index closed 1.03 per cent up at 12440.45.

Its revenue from operations rose 4.8 per cent to Rs 1,485.73 crore during the period under review as against Rs 1,417.62 crore of the corresponding quarter.

Among the Sensex stocks, Tata Motors, Wipro, IndusInd Bank, Tech Mahindra, HCL Tech, and Sun Pharma opened in the red, while Power Grid, ITC, Kotak Bank, Nestle, M&M, and HUL opened with gains.

The way the market bounced back after the covid-19 crash in 2020 was a historic victory for the market participants who held onto their nerves and faced extreme uncertainties including end of the world kind of scenarios.

CLSA and Kotak have recommended buying shares, while Nuvama suggests holding them, after Hindalco Industries reported a 48% drop in its Q4FY23 standalone net profit to Rs 832 crore. The consolidated PAT fell 37% YoY to Rs 2,411 crore, while revenue rose 5% YoY to Rs 55,857 crore. Despite the fall, outlook and leverage remain low, CLSA noted in its report, while Kotak trimmed its EBITDA estimate by 2.3%/0.3% for FY2024/25E, despite optimism that the stock remains inexpensive at 5.4X EV/EBITDA FY2025E.

Hindalco Industries, incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 91438.35 Crore) operating in Metals - Non Ferrous sector.

Promoters held 41.94 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 25.39 per cent and 15.59 per cent, respectively.

Leading brokerage firms have given their recommendations on a range of Indian companies. Goldman Sachs has maintained a neutral rating on Nykaa due to concerns about profitability in the fashion segment. Macquarie has also maintained a neutral rating on Reliance Industries, stating that Jio earnings growth is set to lag Airtel India. Jefferies has a buy rating on Delhivery, anticipating medium-term e-commerce growth of around 15-20%. Meanwhile, CLSA has a buy rating on Hindalco, expecting low leverage and profitability growth, while UBS resumed its sell rating on Tata Motors due to concerns over its electric vehicle pipeline.

The stock quoted a 52-week high price of Rs 2332.85 and a 52-week low of Rs 1513.3.