Financial Daily from THE HINDU group of publications
Tuesday, Nov 12, 2002
Financial Daily from THE HINDU group of publications Tuesday, Nov 12, 2002 |
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Markets
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Stock Markets Nalco lone exception — LME signals boost aluminium stocks Our Bureau
KOLKATA, Nov. 11 THE stock prices of aluminium counters have of late been rising on the major bourses on the back of improvement in the commodity price on the London Metal Exchange. However, the Nalco stock continued to drift downwards because of the uncertainty over the disinvestment process. It has shed around 21 per cent of its valuation in the last five trading sessions. According to commodity analysts, aluminium prices on the LME have been rising since October 10. From a level of $1,279 a tonne, it has gone up to $1,375 a tonne. "The last week had seen around one per cent downward correction in the LME price. Now it is hovering around $1,367 per tonne, marking a near 7 per cent price gain in the last one month," said Mr Ajay Jaiswal of Lohia Securities. The Hindalco stock, leader in the category, has gained around Rs 42 since October 28 following today's closing at Rs 532 on the National Stock Exchange. The Indal, Madras Aluminium and Man Industries were also among the gainers on the Bombay Stock Exchange and National Stock Exchange. But the Nalco counter has been steadily weakening from a level of Rs 90.7 on the NSE on November 1, to close today at Rs 71.65. However, the traded quantity in the stock was still the highest among the aluminium scrips on speculative volumes, dealers said. The Hindalco scrip recorded a volume of 61,217 shares on the NSE, up from Friday's traded quantity of 22,010 shares. The counter's daily average trading volumes in the last two months is estimated to be 55,000 shares. Brokers pointed out that because of lesser floating stock than that of Nalco, trading volumes in the Hindalco stock was restricted. The combined volume of Nalco counter on the NSE and BSE on Monday was recorded at over 6 lakh shares.
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