Metal cos' shares higher; SAIL up 5 pc

Shares of metal manufacturers were trading higher on fund-buying as international metal prices hit a record high lifted by a fall in the dollar and positive U.S. earnings expectations, three analysts said.

London copper prices hit a record high on Wednesday while Shanghai hit its highest in almost four years.

At 1.08 p.m., the metal index of the BSE was up 2.36 percent, outperforming the benchmark index, which was up 0.32 percent.

Shares of Hindalco Industries , Sterlite Industries , Steel Authority of India and Tata Steel were up 2-5 percent.

Comments

Post a Comment

Popular posts from this blog

Suzlon posts loss of Rs 253.57 cr for Oct-Dec

NEW DELHI: Hit by notional forex losses, Wind power equipment maker Suzlon today reported a loss of Rs 253.57 for the quarter ended on December 31, 2010. The company had a profit of Rs 14.10 crore in the same quarter last year, a statement said. "... notional forex losses have impacted our reported bottomline due to the significant volatility in the euro- rupee exchange rates," Suzlon Energy Chief Financial Officer Robin Banerjee said. The company's total income came down to Rs 4,494.37 crore for the December quarter compared to Rs 5,608.41 crore in the same period a year ago. Suzlon, for nine months to December, 2010, reported a loss of Rs 1,535.02 crore against a loss of Rs 794.25 crore in the same period last year. Banerjee added, "There has been progress on all financial parameters and we have delivered s...
Keep reading

Indian OIS nearly steady; mkt awaits fresh cues

MUMBAI: Indian overnight indexed swaps (OIS) were largely steady on Friday as traders sought fresh triggers for further direction. At 1:35 p.m., the one-year OIS rate was at 7.35 percent compared with 7.37 percent at close on Thursday. The benchmark five-year swap was at 7.95 percent, from 7.98 percent on Thursday. Volumes were at 7.75 billion on the central bank's trading platform. "There are no fresh cues currently and there will be concerns on the next fiscal year's borrowing which will keep the pressure on the back end of the curve," said a senior trader at a foreign bank. Traders said they see the one-year OIS rate supported at 7.30 percent and five-year at 7.90 percent levels. The OIS curve has flattened this month with the one-year OIS rising 26 basis poi...
Keep reading

LIC crosses 2.5 crore policies target

MUMBAI: Life Insurance Corporation today said it has crossed the landmark 2.5 crore policies in the current year as of January 29. "LIC has completed 2,52,44,846 policies and received Rs 34,137.12 crore in First Premium Income in the current financial year," the country's largest insurer said in a statement here. The ULIP Plans under the new IRDA guidelines helped boost the figures substantially, it said adding that the new business under the new ULIP Plans as of January 29 stood at 1,098,663 policies generating a premium of Rs 5136.25 crore. The Corporation's Endowment Plus, launched on September 20, 2010, has garnered 1,017,560 policies with a First Premium Income of Rs 4,804.12 crore, in just over 4 months, it said. Pension Plus, the only regular premium pension plan available in the market after introduction of new rules has brought in 81,103 policie...
Keep reading