Nifty Metal rose over 4% for the third consecutive trading day. The Index has witnessed sharp gains since last week as tensions between Russia and Ukraine are expected to turn India’s metal sector attractive.
Nifty metal index up 4% with Hindustan Zinc and Coal India emerging top gainers
Russia is a major producer of industrial metals such as aluminium and nickel and curbs on its exports make increase the demand in India.
Shares of metal companies rallied up to 11 per cent on the National Stock Exchange (NSE) in Wednesday's trade, in an otherwise subdued market.
Nifty Metal index was the top gainer among sectoral indices and was up 4% as compared to 1.12% decline in the Nifty 50 index.
BSE Sensex closed at 55,468.90 down 778.38 points or 1.38% and Nifty50 at 16,605.95 down 187.95 points or 1.12%. Nifty metal ended at 6,136.70 up 2379.85 points or 4.07% touching a high of 6,173.10 and a low of 5,897.20 during intraday trade on Wednesday.
Jindal Steel and Power, Tata Steel, Hindalco Industries and JSW Steel gained between 4 per cent and 5 per cent, while Steel Authority of India, National Aluminium Company, Vedanta and Hindustan Copper were up in the range of 2 per cent to 4 per cent.
Individually, shares of Hindalco industries hit a new high of ₹599.35, soaring 4.46 per cent on the NSE in the intra-day trade. The stock surpassed its previous high of ₹573.85 touched on February 28, 2022.
On the financial side, Hindalco has reported a total income of Rs. 50453 crores during the period ended December 31, 2021, as compared to Rs. 48063 crores during the period ended September 30, 2021.
It posted a net profit of Rs. 3675 crores for the period ended December 31, 2021, as against anet profit of Rs. 3417 crores for the period ended September 30, 2021.
The company has reported EPS of Rs. 16.50 for the period ended December 31, 2021, as compared to Rs. 15.34 for the period ended September 30, 2021.
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