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HINDALCO - Hindalco Industries News Story

₹533.75 -9.1  -1.7%

Last Trade - 11:28am

Sector
Basic Materials
Size
Large Cap
Market Cap £11.80bn
Enterprise Value £16.37bn
Revenue £14.36bn
Position in Universe 44th / 3159

Metal stocks drive Indian shares to record high ahead of Fed Chair's speech

Fri 27th August, 2021 11:44am
BENGALURU, Aug 27 (Reuters) - Indian shares closed at a
record high on Friday, as metal and infrastructure stocks rose
ahead of Federal Reserve Chair Jerome Powell's speech due later
in the day.
    The blue-chip NSE Nifty 50 index  .NSEI , which hit an
all-time high during the session, closed 0.41% higher at
16,705.20, while the benchmark S&P BSE Sensex  .BSESN  ended up
0.31% at 56,124.72 points.
    Both indexes are on track to clock their fourth consecutive
monthly gain in a market flush with liquidity, as the country
ramps up its COVID-19 immunization program.
    Global shares held steady near record highs as investors
caught their breath ahead of a much-anticipated speech by the
U.S. Fed chief that could give clues about when the central bank
will start tapering its bond-buying programme.  MKTS/GLOB 
    In Mumbai trading, the rate-sensitive Nifty Bank index
 .NSEBANK  ended up 0.03% after falling as much as 0.73%, as the
market hoped for a definite sense of direction from the
long-awaited Fed speech.
    The Nifty Metals index  .NIFTYMET  recorded its first weekly
gain in three, closing 1.63% higher, helped by strong gains in
aluminium producers. 
    Shares of Hindalco Industries Ltd  HALC.NS  and National
Aluminium Co  NALU.NS  were up 3.3% and 7.9% respectively, after
China's Xinjiang region imposed output limits on five aluminium
smelters.  urn:newsml:reuters.com:*:nL4N2PY1B6 
    Shares of engineering and construction company Larsen &
Toubro Ltd  LART.NS  jumped as much as 4.4% to 1,666.70 rupees
after brokerage Motilal Oswal raised its target price on the
stock to 1,950 rupees.
    The Nifty Pharma index  .NIPHARM  snapped its two-day losing
streak to close 1.38% higher.
     Budget airline SpiceJet Ltd  SPJT.NS  closed 2.7% higher
after the country's air safety regulator cleared Boeing's  BA.N 
737 MAX aircraft to fly with immediate effect on Thursday.
    A deadly attack in Afghanistan on Thursday, which killed
scores of civilians and at least 13 U.S. troops, also weighed on
global sentiment. 

 (Reporting by Shivani Singh in Bengaluru; editing by Uttaresh.V
and Vinay Dwivedi)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))
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