Equity Alert: Metal shrs dn 3-5% on decline in global prices
MUMBAI--2PM--Shares of frontline metal companies were down 3-5% on
a
decline in global metal prices, said dealers.
Tata Steel fell nearly 3% to 473 rupees, while Steel Authority of
India
was down nearly 5% at 135 rupees.
Aluminium prices on London Metal Exchange have been under
pressure, a
trend that will continue for some time, said Pawan Burde, analyst at
Angel
Broking.
Sterlite Industries and Hindalco were down 3% at 461 rupees and
100
rupees, respectively. National Aluminium Co was down 4% at 380 rupees.
"Prices of coal, the major input, have doubled, and imports of raw
materials have increased," said Burde.
He maintains a "neutral" rating on NALCO and expects a subdued
performance from the metals major this quarter until aluminium prices
recover.
The current quarter's performance for steel companies is expected
to be
down as they have not been able to pass on incremental costs to
customers,
said Burde.
Intraday support for Tata Steel is seen at 454 rupees and then 444
rupees. The stock appears slightly weak on the technical charts, with
resistance
seen at 487 rupees, said Kiran Suvarna, technical analyst at Finquest
Securities.
Support for NALCO is seen at 353 rupees and resistance is seen at
385
rupees, said Suvarna.
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