China smelting margins help Hindalco, Sterlite

DALAL STREET SPIKES

Hindalco was among the big gainers in a subdued market on expectations that rise in copper smelting margins in China will benefit companies such as Hindalco and Sterlite.

The stock gained 2.56 per cent to close at Rs 943.20. The gains were much substantial at the NSE. The counter witnessed volumes of more than 95 thousand shares at both the exchanges combined.

The counter, however, has been at the receiving end in the past few trading sessions amid overall weakness in the market.

According to market sources, copper smelting margins in China has gone up from $20 to $50 which will benefit Indian companies including Hindalco and Sterlite.

A institutional dealer with a domestic broking firm said, "There were institutional buy order in Monday's trading which pushed the stock up at close."