We maintain buy on Hindalco (HNDL) and revise our TP higher to Rs350 (vs Rs315 earlier). HNDL's domestic aluminium business remains a solid operational performer despite adverse coal and carbon cost headwinds due to strong integration. Q4 performance was solid with aluminium business (incl. Utkal) delivering highest ever EBITDA of Rs12.7bn. Novelis' performance improved further with highest ever EBITDA/t of US$396 driven by higher automotive product sales. We like HNDL on account of i) strong earnings visibility from low cost aluminium asset base with low cost coal & bauxite supply in place, ii) increase in the EBITDA contribution from...