Metal and mining stocks shine after rise in global commodity prices
London (Feb 4) Shares of eight metal and mining firms rose by 0.06% to 8.35% at 13:06 IST on BSE after High Grade Copper for March 2016 delivery was currently up 1.12% at $2.1185 per pound on the COMEX.
Vedanta (up 8.35%), Hindalco Industries (up 4.95%), Steel Authority of India (up 0.64%), JSW Steel (up 2.83%), Jindal Steel & Power (up 4.96%), Hindustan Zinc (up 5.87%), National Aluminium Company (up 1.49%) and Hindustan Copper (up 1.35%) edged higher.
NMDC rose 4.37%. The company in its latest price review has kept prices of lump ore unchanged at Rs 1,800 per tonne. The state-run iron ore miner also kept the prices of iron ore fines unchanged at Rs 1,560 per tonne. The prices are excluding royalty, taxes, DMF, duties, levies etc. The announcement was made after market hours yesterday, 3 February 2016.
Tata Steel rose 0.06% ahead of its Q3 December 2015 result today, 4 February 2016.
The S&P BSE Metal index was up 2.37% at 6,666.82. The index outperformed the S&P BSE Sensex which was up 1.06% at 24,479.48
The S&P BSE Metal index had underperformed the market over the past one month till 3 February 2016, sliding 12.54% compared with 7.41% decline in the Sensex. The index also underperformed the market in past one quarter, falling 9.78% as against Sensex's 8.90% fall.