Shares of aluminium producers rose on Monday as higher global prices drove buying in metal stocks, even as the broader market declined.
Hindalco Industries Ltd. rose as much as 4.29% to Rs 903.35 intraday. National Aluminium Co. Ltd. gained up to 6.16% to Rs 393.30, while Vedanta Ltd. advanced 4.36% to Rs 674.45. The NSE Nifty 50 Index fell 0.85%.
The gains followed a jump in aluminium prices after Iran struck two production facilities in the Middle East, raising concerns over supply disruptions. Prices on the London Metal Exchange climbed to as high as $3,492 a tonne in early trading, while shares of Australian aluminium producers also rose, Bloomberg reported.
The move in prices comes as the conflict had already limited the ability of regional smelters to export metal or import raw materials. The latest strikes may extend supply constraints even if shipping through the Strait of Hormuz resumes.
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Hindalco Industries Ltd. Share Price Today
Hindalco Share Price Today
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Hindalco's stock rose as much as 4.87% to Rs 908.80 intraday. The stock has gained 37.29% over the past 12 months and 1.82% so far this year. Trading volume was 6.44 times its 30-day average, while the relative strength index stood at 31.63. Of 31 analysts tracking the company, 11 have a “buy” rating, 14 have a “hold” rating and six have a “sell” rating, according to Bloomberg data. The average 12-month price target of Rs 951.90 implies an upside of 4.8%.
National Aluminium Co Ltd. (NALCO) Share Price Today
NALCO Share Price Today
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National Aluminium Co. rose as much as 6.36% to Rs 393.95 intraday. The stock has gained 124.49% over the past 12 months and 25.08% this year. Trading volume was 14.33 times its 30-day average, while the relative strength index stood at 41.92. Of 13 analysts tracking the company, four have a “buy” rating, five have a “hold” rating and four have a “sell” rating, Bloomberg data showed. The average 12-month price target of Rs 368.08 implies a downside of 6.4%.
Vedanta Ltd. Share Price Today
Vedanta Share Price Today
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Vedanta rose as much as 4.50% to Rs 672.05 intraday. The stock has gained 46.97% over the past 12 months and 11.55% this year. Trading volume was 13.46 times its 30-day average, while the relative strength index stood at 44.40. Of 14 analysts tracking the company, 10 have a “buy” rating and four have a “hold” rating, according to Bloomberg data. The average 12-month price target of Rs 838.15 implies an upside of 24.2%.
ALSO READ: Vedanta To Split Into Five Listed Companies In April Under Restructuring Programme: Report
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