Hindalco Industries share price took a sharp hit in today’s trading session, falling nearly 7% . The decline came after its US-based subsidiary Novelis reported quarterly results over the market holiday, which triggered brokerages like Nuvama to downgrade the stock and target price cuts for the parent company.

The company reported net sales of $4.7 billion, up 10% year-on-year. The total shipments of Flat Rolled Products (FRP) stood at 941 kilo tonnes, marginally lower than 945 kilo tonnes a year ago.

Adding to the pressure, Novelis announced that its free cash flow for the current financial year would be negatively impacted by $550–650 million, following a fire incident at its Oswego plant in New York in September.

Let’s take a look at what the brokerage firm Nuvama say on this st

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