Indiabulls Securities Research has maintained its sell rating on National Aluminium Company with a target price of Rs 279 in its September 22, 2009 research report.

"Based on DCF valuation, we have arrived at a target price of Rs. 279 (assuming a 14.8% WACC and a 5% terminal growth rate). Since our target price provides a downside potential of 23% from the CMP, we have maintained our 'Sell' rating for the stock," says Indiabulls Securities' report.