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

India's mobile phone users grow to 729.57 million

NEW DELHI: Telecom operators added a whopping 22.88 million mobile subscribers in November 2010, taking the total number of telephone users in the country to 764.76 million, sectoral regulator TRAI today said. According to data released by the Telecom Regulatory Authority of India , the mobile subscriber base increased to 729.57 million by the end of November 2010 from 706.69 million in the preceding month, registering a growth of 3.24 per cent. With this, the overall teledensity (telephones per 100 people) in India touched 64.34 per cent. The growth in the wireless category was led by Vodafone , which added 3.12 million users taking its subscriber base to 121.16 million by end of November 2010. Bharti Airtel added 3.10 million subscribers, taking its user base to 149.39 million. Idea Cellular and Aircel, on the other ...
Keep reading

Ethanol prices to be lower than interim price?

New Delhi: The party time seems suddenly over. Not only did food minister Sharad Pawar rule out implementing sugar sector decontrol anytime soon, but persistently nosediving prices over the last month have sharpened apprehensions within the sugar industry over Saturday's meeting oft the expert panel on ethanol headed by Plan panel member Dr Saumtira Chaudhury. The panel is authorised to come up with a long term formula for fixing the price of ethanol and to periodically review the formula but indications are that the price for ethanol will be lower than the interim price of Rs 27/litre fixed by the government. Current indications from officials are that ethanol price could be lower by upto Rs 2/litre comapred to the interim price. Panel head Dr Chaudhury is expected to circulate the final draft of his report to the stakeholders, including OMCs, the sugar, alcohol and chemcial industries, farmers groups and represent...
Keep reading

Slice of History: Rupee devaluation of 1966

Mid-sixties was a period of severe economic and political stress. The monsoon had failed in 1965 and 1966 but revived well in 1967. Food grains production declined from 89 million tonnes in 196465 to 72 million tonnes in 196566. Industrial production was also down. Money supply was increasing at unprecedented rates. The budget deficit was high and the current account deficit was higher still. All these weak macro-economic indicators led to the devaluation of the rupee in 1966. The rupee was devalued by 36.5%. IG Patel, then economic advisor to the government, has an interesting narration of certain developments in relation to this major policy decision in his book Glimpses of Indian Economic Policy: An Insiders View , excerpts of which are reproduced in one of the volumes of RBIs history. He says how the war of 1965 with Pakistan had somewhat forced policy m...
Keep reading