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Hindalco Industries is trading higher by 6.3% to Rs 103, extending its previous day’s over 5% rally, on hopes of the recent weakness in the Indian rupee will benefit the stocks.
The stock hit two-month low on Wednesday underperformed the market since announcement of Q4 earnings on May 27, sliding 16% compared with the Sensex's 5% fall.
A combined 6.8 million shares have already changed hands on the counter till 1340 hours against around 7 million shares that were traded daily in past two weeks.
Indian metal companies including Hindustan Zinc and Hindalco to be biggest beneficiaries of rupee depreciation, the Bloomberg report suggests quoting Nomura analyst Alok Kumar Nemani.
Metals companies likely to gain from higher captive raw materials, higher foreign currency earnings and lower liability, adds report.
The stock hit two-month low on Wednesday underperformed the market since announcement of Q4 earnings on May 27, sliding 16% compared with the Sensex's 5% fall.
A combined 6.8 million shares have already changed hands on the counter till 1340 hours against around 7 million shares that were traded daily in past two weeks.
Indian metal companies including Hindustan Zinc and Hindalco to be biggest beneficiaries of rupee depreciation, the Bloomberg report suggests quoting Nomura analyst Alok Kumar Nemani.
Metals companies likely to gain from higher captive raw materials, higher foreign currency earnings and lower liability, adds report.
