Hindalco up on metal price gain hopes

DALAL STREET SPIKES

Hindalco was in the limelight as the scrip gained for the second consecutive day on the back of rumours that there will be further hike in aluminium prices.

The stock as a result surged 2.77 per cent to close at Rs 1,331, after touching the day's high of Rs 1,338. Hindalco has now risen by 10 per cent from Rs 1,207 on February 5.

The counter was very volatile with volumes of 1.4 lakh shares at the BSE. According to market analysts, the stock has been witnessing good buying on the back of firm aluminium prices in the London Metal Exchange.

Analysts feel metal prices will continue to remain steady in the domestic market. On Monday, aluminium was trading at a 4-year high on the LME at $1,688 per tonne, while copper was trading at $2,584 per tonne. Hindalco operates mainly in two segments - aluminium and copper.