Metal stocks shine; gain up to 6.5 pc

Metal stocks were on buyers' radar today, rising as much as 6.5 per cent, in an overall strong stock market.
Shares of Jindal Steel & Power Ltd surged 6.56 per cent, while Hindalco Industries rose by 3.59 per cent on the BSE.
Among others, JSW Steel gained 5.94 per cent, Sesa Sterlite Ltd (2.07 per cent), Tata Steel (2.01 per cent) and NMDC (0.65 per cent).
Led by the gains in these stocks, the BSE metal index rose by 2.79 per cent to settle at 12,594.65.
Meanwhile, the government today told the Supreme Court that it "wants re-auction of all 218 coal blocks" declared as illegal allocation but sought its indulgence to "exempt" 40 of them which are functional and ready for the end use power plants.

The apex court posted the matter for next hearing on September 9 by asking Centre, the three Associations -- Coal Producers Association, Sponge Iron Manufacturers Association and Independent Power Producers Association of India -- and petitioners to file their affidavits.
The Supreme Court last week held that all coal block allocations made since 1993 till 2010 before pre-auction era during previous NDA and UPA regimes have been done in an illegal manner by an "ad-hoc and casual" approach "without application of mind".
Meanwhile, Sensex today settled at 26,867.55 -- new closing high -- with gains of 229.44 points or 0.86 per cent.