Company has recently announced acquisition of Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs. 2.5 billion. This move is in line with its strategy of doubling its downstream business. The plant will act as an example for the company’s upcoming extrusions plant in Silvassa.
Analysts are enthused by these initiatives of the company. Both its business segments- aluminium and copper continue to witness healthy momentum. Novelis too is on a strong footing. Company’s plans to reduce debt further in the second half of FY22 will strengthen its balance sheet and enhance cash flows.
Analysts remain positive on the stock and expect it to reach Rs. 607 over the next one
year.
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