 "BSE Metal index surges 3%; JSPL rebounds 30% from day's low")
Shares of metal companies were trading higher by up to 20% in late noon trade on the bourses with the S&P BSE Metal index rallied over 3% on the BSE.
At 1429 hours, S&P BSE Metal index, the largest gainer among sectoral indices was up 3.2% or 334 points, compared to 0.38% decline in the benchmark index S&P BSE Sensex.
Jindal Steel and Power (JSPL), Sesa Sterlite, JSW Steel, Hindalco Industries, Steel Authority of India (SAIL) and Tata Steel were up 3-20% on BSE on back of huge volumes.
Shares of JSPL were zoomed 20% at Rs 187 on media reports that the company has won Gare Palma IV/2 and IV/3 blocks in fierce bidding at the ongoing coal block e-auctions.
The stock hit a high of Rs 192 so far has rallied nearly 30% from its intra-day low of Rs 148 touched on BSE in early morning trade. A combined 57.17 million shares representing 6% of total equity of JSPL changed hands on NSE and BSE.
Sesa Sterlite was up 7% to Rs 218, after hitting high of Rs 225 on BSE. Hindalco Industries was up 3% at Rs 156 on report that Aditya Birla group firm has won the Gare Palma IV/5 mine in Chhattisgarh.
Among the other individual stocks, Hindustan Copper, Hindustan Zinc and Bhushan Steel too rallied between 5-8% on BSE.
At 1429 hours, S&P BSE Metal index, the largest gainer among sectoral indices was up 3.2% or 334 points, compared to 0.38% decline in the benchmark index S&P BSE Sensex.
Jindal Steel and Power (JSPL), Sesa Sterlite, JSW Steel, Hindalco Industries, Steel Authority of India (SAIL) and Tata Steel were up 3-20% on BSE on back of huge volumes.
Shares of JSPL were zoomed 20% at Rs 187 on media reports that the company has won Gare Palma IV/2 and IV/3 blocks in fierce bidding at the ongoing coal block e-auctions.
The stock hit a high of Rs 192 so far has rallied nearly 30% from its intra-day low of Rs 148 touched on BSE in early morning trade. A combined 57.17 million shares representing 6% of total equity of JSPL changed hands on NSE and BSE.
Sesa Sterlite was up 7% to Rs 218, after hitting high of Rs 225 on BSE. Hindalco Industries was up 3% at Rs 156 on report that Aditya Birla group firm has won the Gare Palma IV/5 mine in Chhattisgarh.
Among the other individual stocks, Hindustan Copper, Hindustan Zinc and Bhushan Steel too rallied between 5-8% on BSE.