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
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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.
So far in November alone, the stock has rallied 29 per cent as against around 3 per cent gain on the Sensex.
The company on Friday after market hours announced its plan to demerge its existing business verticals into six independent 'pure play' companies.
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The key steel consuming sectors are expected to perform well in FY24, supported by a rise in infrastructure spend by the Government and gradually improving semiconductor supply
Jindal Steel, Welspun Corp, JSW Steel, and Vedanta led the losses, dropping 2 per cent each. NMDC, National Aluminium, Hindalco, Jindal Stainless, Tata Steel and SAIL lost up to 1.5%
Metal stocks were the top drag, falling about 2%, while auto, public sector bank index were down over 1%, each