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Promoters held 51.14 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.34 per cent, DIIs 24.96 per cent.

A total of 34,224 shares changed hands on the counter till 11:38AM (IST)

The Relative Strength Index of the stock stood at 74.17 on Wednesday.

Promoters held 55.12 per cent stake in the company as of 31-Dec-2022, while FIIs owned 21.7 per cent, DIIs 18.99 per cent.

Oil prices also moved in a narrow range in early Asian trade on Wednesday as weak US economic data weighed on the demand scenario despite a surprise production announced by oil cartel OPEC and its allies.

About 23 stocks in the financial sector are trading below their 5-year average P/E multiple, followed by 18 in chemicals, 14 each in fast moving consumer goods and healthcare, 12 in automobile and auto ancillaries, and 10 in banks, data compiled by ETMarkets from Ace Equity showed.

​So, we think that now we are entering into earnings season with this business update and particularly the banking sector should do well, both PSU and private banks.

The Relative Strength Index of the stock stood at 40.22 on Wednesday.

"The valuation of the stocks is reasonable, though still not cheap. The relative premium to the region has halved from a record peak and the returns would be driven by 17%/15% earnings growth in 2023/24. Returns will likely be backloaded," it added.

Hindalco Industries, incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 90460.82 Crore) operating in Metals - Non Ferrous sector.