The report of the fresh equity issuance comes at a time when Hindalco's shares have gained almost 200% since hitting a multi year low in February this year. However, if one goes by the valuations investors are giving its global peers, they still seem to have a lot of steam left in them. Alcoa, for instance, is currently trading at over 26 times of its FY17 estimates, Rio Tinto at close to 16 times. At Tuesday's closing price of R167.8 on the BSE, Hindalco, on the other hand, is trading at just 14.1 times of its FY17 consensus analyst estimate of an earnings per share (EPS) of R11.88. So, despite a 9.6% equity dilution, Hindalco would continue to be one of the cheapest among its global peers. What has turned investors bullish on Hindalco in recent months is also the fact that global aluminium prices have gained almost 20% since the beginning of the year — 80% of Hindalco's revenue comes from the aluminium segment —and Novelis' seem to have turned a corner.