Metal & mining stocks gain on higher copper prices

Ten metal and mining stocks rose 0.58% to 5.39% at 11:55 IST on BSE as copper prices rose in global commodities markets.

Vedanta (up 3.65%), Hindalco Industries (up 3.46%), Hindustan Zinc (up 1.72%), Tata Steel (up 1.62%), Jindal Steel & Power (up 1.44%), Steel Authority of India (up 0.58%), JSW Steel (up 0.64%), Hindustan Copper (up 0.9%) and NMDC (up 1.77%) edged higher. National Aluminium Company shed 0.25%.

MOIL rose 5.39% after the state government of Madhya Pradesh granted mining lease of over 48.974 hectare in village Lugma, Tehsil Paraswada of Balaghat District in Madhya Pradesh in favour of the company. The lease has been executed and registered by the company, MOIL said. This area falls under Ukwa mine of the company. The announcement was made after trading hours yesterday, 17 March 2016.

The S&P BSE Metal index was up 1.28% at 7,370.05. The index outperformed the S&P BSE Sensex which was up 0.18% at 24,722.52

The S&P BSE Metal index outperformed the market over the past one month till 17 March 2016, rising 7.17% compared with 5.54% rise in the Sensex. The index had also outperformed the market in past one quarter, gaining 0.4% as against Sensex's 4.37% fall.

High Grade Copper for May 2016 delivery was currently up 1% at $2.3155 per pound on the COMEX.

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