Shares of Hindalco soared over 4% to hit a 52-week high mark on Wednesday, May 27.

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 Hindalco Ltd opened at Rs 1,118.30 against a previous close of Rs 1,103.80 and gained nearly 4% to hit a 52-week high mark of Rs 1,154 apiece on the NSE. Shares last traded 3.51% higher at Rs 1,142.50 apiece on the NSE. The stock has given robust returns as it has risen 5.27% in one week, 7.62% in one month, 27.68% on a year-to-date basis and 73.28% in the last one year. The copper and aluminium major commands a market cap of Rs 2,56,565.85 crore, according to stock exchange data. Hindalco Share Price Intraday Hindalco Share Price: What's Fueling The Stock? Aluminium prices surged over 4% which supported the metal stock's uptrend in afternoon trade today. According to a report by Bloomberg, traders are increasingly concerned that Chinese aluminium smelters could be asked to curb production as the country intensifies its review of energy consumption and emissions across major industries. Chinese smelters have been running at full capacity amid a global supply shortage triggered by the Middle East conflict, said the report. Aluminium prices on the London Metal Exchange (LME) have risen since the war began in late February, as supplies from the region were disrupted due to the effective blockade of the Strait of Hormuz. The report added that Chinese authorities are now looking to rein in excess production as inventories continue to build up. China's Ministry of Industry and Information Technology said in a statement on May 13 that sectors including steel and oil refining would also come under scrutiny.

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