Hindalco Shares Hit 52-Week High As Morgan Stanley Initiates Bullish ‘Overweight’ Stance: Buy, Sell, Or Hold?

Shares of Hindalco soared over 4% to hit a 52-week high mark on Wednesday, May 27, after global brokerage Morgan Stanley initiated coverage on the metal manufacturer with a bullish ‘overweight’ stance. The positive momentum was also on the back of a sharp surge in aluminium prices as it hit a four-year high buoyed by Iran war tensions and possible production cuts by China, the world’s largest manufacturer. Apart from Morgan Stanley, several brokerages hiked the target price on the stock after the Aditya Birla-Group subsidiary reported strong January-March quarter earnings earlier this month with a dividend payout. Shares of…