realisations in AL and Copper (CU) operations. Strong demand across the major segments), dearth of new capacities and restricted supplies from China (due to decarbonisation drive) would keep AL prices upbeat for a prolonged period. Both Indian and Novelis operations would be the key beneficiary of strength in AL prices. While, Novelis faced some transitory headwinds over last couple of quarters on account of supply chain disruption, chip shortage and energy crisis in Europe. We factor in EBITDA/t of US$535/t in Novelis for FY23 and FY24, led by continued...