In its latest research report, Nirmal Bang, an equity research firm said that Hindalco Industries can give good returns in 2-3 trading sessions.

The report further stated that, if the counter is successful to breach 75, then it will create a huge breakout.

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price of Rs 88.

Besides, the report has also suggested a support level of Rs 68 for the scrip.

Today (July 15), the shares of the company opened at Rs 74.25 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 11.86 and 6.52 respectively. The share price has seen a 52-week high of Rs 143.51 and a low of Rs 36.90 on BSE.

Hindalco Industries, on July 03, said that it reached agreement and got lenders approval on revised terms such as covenant relaxations relating to $982 million bank loan.

The fresh conditions permit the company significant flexibility to sketch its future business and follow its capex goals going forward.

Under the new contract reached banking institutions have decided to waive requirement to examine covenants on consolidated financials.

Hindalco Industries, on July 02, said that it has decided to close its overseas operations and is reshuffling its capex in India in an attempt to calm down operations.

As part of this overall plan, Novelis, which Hindalco bought for $6 billion in 2007, is shutting down its sheet mill at Rogerstone in the UK, including 440 job losses.

It is discovered that two Novelis mills in Canada were also confronting closedown.

Earlier this year, declining copper rates and demand forced Aditya Birla Minerals, another Hindalco division, to close its Mount Gordon copper mine at Queensland in Australia.