Hindalco (HNDL) reported Q1FY21 earnings in line with our expectation. Improvement in prices and lower cost of production (CoP) shall continue to support AL earnings. While, Copper (CU) operation's earnings would remain under pressure in FY21e due to 23% reduction in Treatment/Refining charges (Tc/Rc) for CY20 at 15.9/lb, planned shutdowns and weak demand....