Firm global copper prices push up Hindalco

DALAL STREET SPIKES

Commodity stocks were in limelight with Hindalco stealing the show in today's trading. Firm global copper prices has boosted the sentiment towards commodity stocks, analyst said.

Hindalco today gained over 1 per cent to close at Rs 1,384.85 on the back of volumes of more than 59,000 shares on the BSE alone. Copper prices on the London Metal Exchange (LME) have firmed up further extending the recent rise.

Last week, the copper price rose 3 per cent. Copper prices are expected to remain firm demand will exceed production led by strong demand from China - the world's largest consumer of copper, analysts said. In 2004, copper price jumped 37 per cent.

For the quarter ended December, 2004 Hindalco reported a net profit of Rs 264.90 crore, a rise of 35 per cent. The company's sale grew by 23 per cent to Rs 2,044.90 crore.