Equity Alert: Metal shares mixed; NALCO gains; Tata Steel falls
MUMBAI--2PM--Metal shares were trading mixed. Shares of non-
ferrous metal
companies rose due to higher base metal prices on London Metal
Exchange, dealers
said.
National Aluminium Co and Sterlite Industries rose 3% and 1%,
respectively.
"NALCO and Sterlite look range-bound between 402-392 rupees and
477-456
rupees, respectively," said a technical analyst.
Hindalco Industries, however, fell 1% with its 50-bln-rupee rights
issue
underway. The stock is likely to trade between 106 rupees and 111
rupees today.
"With current market conditions, there is a sort of question mark
on its
rights issue, but I believe most negatives have been factored in, and
100-105
rupees is a good price to enter the stock for a long-term," said an
analyst.
Most steel shares also traded weak due to a correction in global
steel
prices and expectations of a slowdown in demand worldwide, dealers
said.
Tata Steel and JSW Steel were down around 3% each, while Steel
Authority
of India rose 1%.
Pawan Burde, analyst at Angel Broking, said, "I do not see much
downside
for the stocks as they are trading at cheap valuations. I have a 'buy'
rating
on both Tata Steel and JSW Steel."
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