Metal shares rally; SAIL, NMDC up over 5%

SAIL, NMDC, GMDC, Hindustan Copper, Vedanta, Tata Steel, National Aluminium, JSPL and Hindustan Zinc up 2%-8%.

Shares of metal companies were continued at their upward march for the eight straight day trading sessions after surge in base metal prices.

Steel Authority of India (SAIL), NMDC and GMDC have rallied more than 5% each on the BSE. Hindustan Copper, Vedanta, National Aluminium, Tata Steel, Jindal Steel & Power (JSPL) and Hindustan Zinc were up 2%-5%.

At 10:01 PM, the S&P BSE Metal index, the largest gainer among sectoral indices, was up 2.3% as compared to 0.49% rise in the S&P BSE Sensex.

Since February 24, in eight trading sessions, the metal index surged 15% against 7% gain in the benchmark index.

LMEX, a gauge of six metals traded on the London Metal Exchange (LME), hit nearly four-month high on Friday, March 4, 2016. It rallied 7% in past seven trading sessions from 2,206 on February 25 to 2,364 on Monday, March 7, the Bloomberg data shows.

Globally, iron ore prices (of 62% ferrous content) shot up 19% to $63.74 a tonne (Rs 4,270 a tonne at rupee-dollar rate of 67) on Monday, taking year-to-date gains to 46%. CLICK HERE TO READ FULL STORY.

Favourable announcements in the Union Budget 2016-17 announced last week also boosted metal stocks. In Union Budget 2016-17, Finance minister Arun Jaitley withdrew export duty on iron ore fines and iron ore lumps with iron content below 58%, which were previously charged export duty of 10% and 30%, respectively.

Name	24/02/2016	04/03/2016	LTP	% chg#	%chg*
Vedanta	70.95	87.25	90.90	4.18	28.12
Hindalco Inds.	66.40	79.35	83.10	4.73	25.15
SAIL	35.40	40.05	43.15	7.74	21.89
NMDC	80.50	89.05	95.25	6.96	18.32
Tata Steel	247.85	288.35	293.25	1.70	18.32
Natl. Aluminium	33.45	37.45	39.00	4.14	16.59
Jindal Saw	38.40	42.20	43.30	2.61	12.76
Welspun Corp	80.40	87.85	90.50	3.02	12.56
Jindal Steel	58.35	63.15	64.80	2.61	11.05
Coal India	295.60	325.20	326.15	0.29	10.33
Bhushan Steel	33.65	35.55	36.95	3.94	9.81
Orissa Minerals	1397.50	1499.75	1529.50	1.98	9.45
Hind.Zinc	163.75	173.30	178.00	2.71	8.70
JSW Steel	1108.90	1188.20	1187.30	-0.08	7.07
LTP - Last traded price on BSE in Rs as at 10:01 am.
# Change over previous close, * Change over Feb 24, 2016