Metal sector company Hindalco Industries' stock is witnessing a maximum decline of 6% today. This stock witnessed a decline during the initial trading itself. Actually, the company's American subsidiary Novelis has released the results for the July-September quarter. The company's income is witnessing a decline in the September quarter. The income of this American aluminum company has fallen by 18% on a year-on-year basis to $ 128 million.

The company has had to bear a burden of $61 million due to disruption in production at the Sierre Plant. Apart from this, due to increase in other expenses including restructuring, the company's performance has been affected in the September quarter.

During the July-September quarter, the total sales of Novelis stood at $4,295 million. It was $4,107 million in the same quarter of the previous financial year. In this way, sales have witnessed a growth of 4.5% on an annual basis. During this period, EBITDA per tonne stood at $489. At the same time, Adjusted EBITDA was at $462 million. The company's EBITDA has been affected due to expensive aluminium scrap prices. Brokerage's opinion on the stock Domestic brokerage firm Emkay Global has downgraded the rating on Hindalco Industries from Reduce to Sell in a report. The brokerage firm said in this note, "Improvement in EBITDA per tonne in the medium term does not impress us. The company's EBITDA per tonne being above guidance amid the increase in scrap spread is worrying. China has also made big announcements regarding scrap imports. In such a situation, an overhang on the stock is possible in the short term." What is the target price The brokerage firm has set a target price of ₹ 600 per share on the stock. This target price is indicating a decline of about 15% as compared to Wednesday's closing price. Hindalco stock has seen a rise of more than 35% in the last one year. Whereas, during this period, Nifty has seen a rise of only about 26%. The 52-week high of this stock is ₹ 772.65 per share and the 52-week low is ₹ 478.15 per share. So far this year, the stock has seen a rise of only 8.5%.