JPMorgan has upgraded Hindalco Industries and Vedanta Limited to an 'overweight' rating, raising their price targets to ₹1,125 and ₹850, respectively. This move reflects the bank's expectations of an 18% upside for Hindalco and a 19% gain for Vedanta based on a sustained upcycle in aluminium prices driven by supply disruptions. According to the brokerage, geopolitical tensions in West Asia have pushed the aluminium market towards a potential supply shortage, exacerbated by recent smelter outages. These outages are expected to persist even after normal traffic resumes through the Strait of Hormuz. JPMorgan anticipates that the ramp-up of production could take 9-12+ months for large smelters, leading to a tightening of ex-China aluminium markets. Following the announcement, Vedanta's stock rose 3.4% to ₹713.6, while Hindalco gained 2.9% to ₹954.3 in volatile trading on Tuesday.