Metal stocks shine on higher copper prices

Seven metal and mining stocks rose between 0.49% and 6.54% at 15:19 IST on BSE as the global benchmark copper prices edged higher in commodities markets.

Jindal Steel & Power (up 6.54%), Hindustan Zinc (up 4.23%), JSW Steel (up 2.95%), Steel Authority of India (up 1.99%), Hindustan Copper (up 0.9%) and NMDC (up 0.49%) edged higher. National Aluminium Company (down 0.44%) and Hindalco Industries (down 0.94%) edged lower.

High Grade Copper for March 2017 delivery was currently up 1.01% at $2.7085 per pound on the COMEX.

Meanwhile, the S&P BSE Sensex was up 18.29 points or 0.07% at 26,334.63. The S&P BSE Metal index was currently up 0.92% at 10,618.75, outperforming the Sensex.

 

The BSE Metal index had outperformed the market over the past one month till 25 November 2016, advancing 2.23% compared with the Sensex's 6.32% fall. The index had also outperformed the market in past one quarter, gaining 6.44% as against the Sensex's 5.46% fall.

Tata Steel was down 0.17%. The company announced that the company at its meeting held on Friday, 25 November 2016, decided to convene an extraordinary general meeting (EGM) on 21 December 2016, pursuant to the special notice & requisition dated 10 November 2016, received from Tata Sons, promoter and principal shareholder of the company, holding 29.75% of the paid-up ordinary share capital of the company, to consider and if thought fit, to pass the resolutions viz. removal of C. P. Mistry as director of the company and removal of Nusli N. Wadia as director of the company. The announcement was made after market hours on Friday, 25 November 2016.

Vedanta rose 2.2% after the company announced that it proposes to offer rated secured redeemable non-convertible debentures aggregating upto Rs 500 crore and in this regard, the company is holding a meeting of its duly constituted committee of the board on 30 November 2016. The announcement was made after market hours on Friday, 25 November 2016.

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