Metal stocks shine led by Vedanta
DSIJ Intelligence / 15 Dec 2017
Nifty Metal Index was buzzing during the early trade on Friday led by diversified miner company Vedanta. The stock was up more than 4 per cent trading at Rs. 296.55 per share, higher by Rs. 12.00 or 4.22 per cent.
Nifty Metal Index was buzzing during the early trade on Friday led by diversified miner company Vedanta. The stock was up more than 4 per cent trading at Rs. 296.55 per share, higher by Rs. 12.00 or 4.22 per cent.
The upswing in the Metal index was also supported by Steel companies including JSW Steel, SAIL and Tata Steel which were up more than 2 per cent. Other metal stocks including MOIL, Hindalco, Hindustan Copper, National Aluminium and NMDC which were up more than one per cent.
The spike in the share price of Vedanta can be attributed to the company's Rs. 500 crore fund raising through NCDs. The company is also reinvigorating activities in its oil and gas business managed under Cairn India. The company has announced a leadership change at Cairn ahead of its US$ 1 billion investment plan which will be used for exploration drilling of the company's Krishna Godavari Block.
At Nifty Metal was at 3,653.20 level, up 2.30 per cent, while S&P BSE Metal was at 13797.23, up 2.29 per cent. S&P BSE Sensex was at 33,562.99, up 316.29 points or 0.95 per cent.
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