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HINDALCO - Hindalco Industries News Story

₹478.75 -4.5  -0.9%

Last Trade - 24/09/21

Sector
Basic Materials
Size
Large Cap
Market Cap £10.60bn
Enterprise Value £15.26bn
Revenue £14.63bn
Position in Universe 49th / 3149

BUZZ-India's metals stocks fall on China price curb worries

Wed 16th June, 2021 8:44am
** Shares of major Indian metal companies drop between 1%
and 4%, dragging down Nifty metal exchange  .NIFTMET  2.5% 
    ** China said on Wednesday it will release national reserves
of some base metals over the near term, as it tries to stabilise
the price of critical commodities  urn:newsml:reuters.com:*:nL2N2NY06O
    ** Metals prices have surged this year fuelled by a
post-pandemic economic recovery, ample global liquidity and
pockets of speculative buying
    ** The Nifty metals index has hit record highs in May,
having risen 62% so far this year, its best annual performance
since at least 2011 according to Thomson Reuters Eikon
    ** Strong prices generally boost miners and metal companies
exposed to commodities
    ** The release of data from China will reduce speculative
positioning in metals, that will bring down prices - Kshitij
Purohit, lead commodities and currency at CapitalVia Global
Research Ltd
    ** In the near term metal stocks could face pressure as the
supply could increase - Purohit
    ** Tata Steel  TISC.NS  down 3%, Jindal Steel And Power
 JNSP.NS  falls 3.5%, while JSW Steel  JSTL.NS  drops 2.3%
    ** National Aluminium Co  NALU.NS  falls 2.3%, Steel
Authority of India  SAIL.NS  down 3.4% and Hindalco Industries
 HALC.NS  drops 2.8%
    ** Nifty metals index was top drag on the bluechip Nifty 50
index  .NSEI , down 0.7%

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))
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