New Delhi, Sept. 24 -- Hindalco share price has traded largely flat over the past year, but analysts expect the stock to gain momentum on improving fundamentals. Emkay Global Financial Services has upgraded its rating and raised target price for Hindalco Industries shares.

Emkay upgraded Hindalco shares to 'Buy' from 'Reduce' and raised target price to Rs.900 apiece from Rs.650 earlier. Hindalco share price target implies an upside potential of more than 20% from Tuesday's closing price.

"We see aluminium prices going from strength to strength which should benefit Hindalco's India business meaningfully, along with its industry-leading cost curve. Meanwhile, Novelis's profitability has likely bottomed out, per our scrap spread workings; ...