 "Metal shares gain; Vedanta hits 52-week high, Tata Steel up 5% intraday")
Shares of metal companies are on a roll with the Nifty Metal index and S&P BSE Metal index gaining more than 3% each on Thursday in intra-day trade.
Tata Steel, Jindal Steel & Power, Steel Authority of India (SAIL), Vedanta, Hindalco Industries, Hindustan Zinc, Tata Sponge Iron, MOIL and Tata Metaliks were up between 2% and 6% on the BSE and the NSE.
At 11:39 am; the Nifty Metal index (up 3.15% at 2,874) and the S&P BSE Metal index (up 3.1% at 10,725) were up more than 3% each, as compared to 1.3% rise each in the benchmark indices Nifty50 and S&P BSE Sensex. The metal indices are less than 1% away from their respective 52-week highs, hit on November 10, 2016 during intra-day trade.
Tata Steel was up almost 5% at Rs 433 on the NSE, after the company said Tata Steel UK on Wednesday reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.
Tata Steel is the UK’s largest steel manufacturer. It supplies almost 50% of UK carmakers’ steel requirements, including body panels and chassis, and a range of advanced steels for the UK construction industry which help to reduce buildings’ energy use.
Vedanta hit a 52-week high of Rs 240, up 4% on the BSE, while SAIL (up 4.5% at Rs 54.30) and Hindalco Industries (up 3% at Rs 181) were trading close to their respective 52-week highs.
“For Dec’16, we expect base metal prices to trade higher as the Organization of Petroleum Exporting Countries finalized a deal to cut production by 1.2 million barrels a day starting in January 2017, its first reduction since 2008,” Angel Broking said base metals monthly report.
Since crude oil is a crucial component of input cost for metals, the upside in oil prices will reflect in metals as well. However, potential US rate hike on 15th Dec’16 for the first time in nearly a decade would be keenly watched by global investors, added report.
Tata Steel, Jindal Steel & Power, Steel Authority of India (SAIL), Vedanta, Hindalco Industries, Hindustan Zinc, Tata Sponge Iron, MOIL and Tata Metaliks were up between 2% and 6% on the BSE and the NSE.
At 11:39 am; the Nifty Metal index (up 3.15% at 2,874) and the S&P BSE Metal index (up 3.1% at 10,725) were up more than 3% each, as compared to 1.3% rise each in the benchmark indices Nifty50 and S&P BSE Sensex. The metal indices are less than 1% away from their respective 52-week highs, hit on November 10, 2016 during intra-day trade.
Tata Steel was up almost 5% at Rs 433 on the NSE, after the company said Tata Steel UK on Wednesday reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business.
Tata Steel is the UK’s largest steel manufacturer. It supplies almost 50% of UK carmakers’ steel requirements, including body panels and chassis, and a range of advanced steels for the UK construction industry which help to reduce buildings’ energy use.
Vedanta hit a 52-week high of Rs 240, up 4% on the BSE, while SAIL (up 4.5% at Rs 54.30) and Hindalco Industries (up 3% at Rs 181) were trading close to their respective 52-week highs.
“For Dec’16, we expect base metal prices to trade higher as the Organization of Petroleum Exporting Countries finalized a deal to cut production by 1.2 million barrels a day starting in January 2017, its first reduction since 2008,” Angel Broking said base metals monthly report.
Since crude oil is a crucial component of input cost for metals, the upside in oil prices will reflect in metals as well. However, potential US rate hike on 15th Dec’16 for the first time in nearly a decade would be keenly watched by global investors, added report.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| SUNFLAG IRON | 37.80 | 35.30 | 7.08 |
| PENNAR INDS. | 45.50 | 42.70 | 6.56 |
| TATA METALIKS | 369.30 | 349.35 | 5.71 |
| JINDAL STAIN .HI | 92.15 | 87.35 | 5.50 |
| JINDAL STEEL | 75.00 | 71.25 | 5.26 |
| MOIL | 359.00 | 343.20 | 4.60 |
| TATA STEEL | 429.95 | 411.90 | 4.38 |
| TATA SPONGE IRON | 597.45 | 574.85 | 3.93 |
| VEDANTA | 239.10 | 231.45 | 3.31 |
| HINDALCO INDS. | 180.50 | 175.05 | 3.11 |
| TINPLATE CO. | 82.20 | 80.10 | 2.62 |
| COAL INDIA | 312.60 | 305.30 | 2.39 |
| HIND.ZINC | 285.05 | 278.45 | 2.37 |
| NMDC | 126.40 | 123.55 | 2.31 |
| HIND.COPPER | 63.90 | 63.15 | 1.19 |