Hindalco Shares: Metal sector companies including Hindalco, Vedanta, Hindustan Copper, Coal India and Tata Steel on Monday registered a strong fall in the Nifty and Sensex due to rise in oil prices.
Sectoral index Nifty Metal index closed 2.10 percent stronger, while 10 out of 15 metal stocks remained in the green. It was the best performing sector in the Nifty pack with Hindalco and Coal India being among the top gainers.
Nifty Metal Index up 7.84% in 5 days
In contrast to the trend of decline in the market due to Russia-Ukraine conflict, Nifty Metal index has gained 7.84 per cent in the last five days in the market.
During the day’s trading, Hindalco’s shares closed at Rs 620.65, up 6.31 per cent.
This chemical stock ran 65% in a month, HDFC Securities gave this target price for the next 6 months
Brokerage raises target for Hindalco
Global brokerage Jefferies has given buy advice for Hindalco stock and has increased its target price from Rs 660 to Rs 700, which means the brokerage expects a gain of 13 per cent over the current market price of Rs 620.65. Is.
The brokerage has raised its EPS by 5-11 per cent for FY 23-24 on account of increase in aluminum prices.
Coal India up 4.20 per cent
Shares of Coal India closed at Rs 188.60, up 4.20 per cent on the NSE. In the last five days, the stock has registered a strength of 12.48 percent, while the Nifty has registered a weakness of 2.59 percent during this period.
Bears’ hold on stock market strengthened, 29 lakh crores of investors sunk since February
Hindustan Copper’s stock saw a strength of 3.2 per cent during the intraday, but later closed 2.64 per cent higher at Rs 124.20.
Vinod Nair, head of research, Geojit Financial Services, said last week that supply constraints from Russia and Ukraine have pushed up steel prices and benefitted Indian steel companies in the export market. That’s why metal stocks have risen.
10 % strength possible in medal index
Gautam Shah, Founder and Chief Strategist, Goldilocks Premium Research, is also bullish on the metals sector. He told CNBC TV18 on Friday, “If the metal index crosses the 6,300 level, I see another 10 per cent rally in it. That’s why we recommend taking a long term view on it. IT companies are stabilizing at current levels with major declines. So this is the only place where you can invest.”
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