We maintain buy on Hindalco (HNDL) with a TP of Rs340. HNDL's domestic aluminium business beat expectations again despite cost pressures (blended EBITDA/t at US$597 on Utkal inclusive basis) led by industry leading cost positioning and optimum utilisations. Novelis' performance was best ever (EBITDA/t at US$440) and guidance was strong. We like HNDL on account of i) strong earnings visibility from low cost domestic aluminium asset base, ii) increasing proportion of value added downstream conversion business EBITDA share in consolidated entity with acquisition of Aleris and increasing automotive share at Novelis, iii) high FCF...