Metal shares shine on BSE; Tata Steel gains over 3%
Press Trust of India / Mumbai Aug 30, 2010, 18:39 IST
Shares of the major metal counters today ended in green on the expectation of hike in steel prices, led by Tata Steel which ended over 3 per cent higher on the BSE.
The maximum gain was witnessed in Tata Steel which surged 3.49 per cent to settle at Rs 527.95 on the Bombay Stock Exchange. The scrip was the top performer on the BSE-30 share benchmark Sensex.
Witnessing a similar trend on the National Stock Exchange, Tata Steel zoomed 3.36 per cent to close at Rs 527.30. The counter was among the volume buzzers with about 96.21 lakh shares traded on the bourses.
Among the 13 sectoral indices, metal index emerged as the biggest gainer with an upsurge of about 218 points to end at 15,128.44.
Tata Steel's European arm Corus had entered into a deal with Thailand-based Sahaviriya Steel Industries (SSI) to sell Teesside Cast Products plant in the UK for $500 billion.
"The rally in Tata Steel was buoyed by SSI deal as well as steel companies' plans to hike prices within a few days. Besides, the recovery of metal prices in the global markets also triggered the surge in the stocks," Geojit BNP Paribas Assistant Vice-President Gaurang Shah said.
Industry experts feel that steel prices may go up by around Rs 1,000 a tonne next month on pick up in demand after the end of monsoon. On an average, steel prices are currently hovering in the range of Rs 30,000-35,000 a tonne.
The broader gauge Sensex ended at 18,032.11, up 0.19 per cent from previous close.
Meanwhile, aluminium producer Hindalco rose 1.96 per cent to close at Rs 166.75, while Jindal Steel and Power ended at Rs 699 with a gain of 1.39 per cent. The copper producer Sterlite Industries too finished the day in green at Rs 153, up 0.66 per cent from previous close.
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Shares of the major metal counters today ended in green on the expectation of hike in steel prices, led by Tata Steel which ended over 3 per cent higher on the BSE.
