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This is an archive article published on October 18, 2011

Motilal Oswal upgrades Nalco stock

Motilal Oswal has upgraded National Aluminum Co Ltd (Nalco) to 'neutral' from 'sell'.

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Motilal Oswal has upgraded National Aluminum Co Ltd (Nalco) stock to ‘neutral’ from ‘sell’ with a target price of 77 rupees citing attractive valuations and return ratios.

Nalco will post earnings CAGR of 17 percent over FY11-13 due to strong growth in alumina volumes and stronger alumina prices.

Over the next two years,Nalco will generate $1 billion cash flow from operations and capex will be a mere $100 million,said Motilal Oswal.

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Adds export gain on depreciating rupee and alumina refinery expansion will drive return on invested capital and return on capital employed.

At 9:26 a.m.,shares of Nalco were at 61.4 rupees,down 1.4 percent.

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