Nomura reckons JSW Steel's and JSPL's mid-cycle earnings have structurally improved due to stronger domestic demand, cost saving measures, and improved efficiency
Hindalco, SAIL and Hindustan Copper seem to be favourably placed on the technical charts and can potentially rally up to 13 per cent from present levels; check key support and resistance levels here.
Metal stock surged after China lowered the mortgage rate. At around 9:28 AM, Nifty Metal was up 1.23 per cent at 10,188.3
Metal stocks rallied in India on Tuesday morning, after the People's Bank of China (PBOC) lowered the 14 day reverse repo rate by 10 bps
Stock Market News: Sensex, Nifty hit record highs today. The Nifty index was seeing short covering for Calls in the range of 25,150-25,200 amid the weekly F&O expiry
Derivative market update for Tuesday, August 27: The Nifty September futures traded at 150-odd points premium, while Bank Nifty at 330 points. Last 3 days for India Cements in F&O segment.
Individually, Welspun Corp, and Steel Authority of India dropped 8.5 per cent each, NMDC 4.9 per cent, APL Apollo Tubes 3.8 per cent, and Adani Enterprises 2 per cent in the last one month
With the recent surge in commodity prices, particularly aluminum, zinc and silver, the company said it is going to unlock tremendous value.
At 10:38 am; Hindustan Zinc was trading 7 per cent higher at Rs 488.70 with m-cap of Rs 2.07 trillion, the BSE data shows.
The run-up in the stock prices of metal companies, analysts said, has largely been driven by tighter supplies in the global markets, coupled with hopes of improving demand, especially in China
Metal stocks top performers: Here's why metal stocks were in demand on the Dalal Street on Wednesday.
The NSE Metal index has rallied 3% so far this week, while the Nifty has edged 0.2% higher. Technical charts suggest select frontline metal shares can rally another 14% from present levels.
Adani Enterprises, Vedanta, Hindustan Copper, Hindustan Zinc, NMDC, and Nalco were trading higher in the range of 0.2 per cent to 2 per cent
Earnings before interest, tax, depreciation, and amortization (EBITDA) jumped 68 per cent YoY to Rs 770 crore, driven by better operating performance in the aluminum business.
Novelis has significantly increased its planned capex spends for its green field expansion at Bay Minette plant from $2.7-2.8 billion to $4.1 billion.
Banks, information technology firms and metals will lead India's stock rally, with some push from defence and renewables, a market expert said
The advised strategy for the Nifty Metal index is to buy near support levels and sell near resistance
The outlook seems less grim but there is still a question-mark around sustainable improvement in demand
Shares of Ashapura Minechem were locked in the 5 per cent upper circuit at Rs 460.25 on the BSE.
The stock was trading higher for the fourth straight day, surging 26 per cent during the period.