SAIL, Vedanta, Tata Steel, Hindalco shares rally up to 6% as China announces policy easing
Vedanta shares advanced 4.14 per cent to Rs 262.60. Tata Steel shares were up 3.77 per cent at Rs 135. Coal India, JSW Steel, JSL and Jindal Steel gained up to 3 per cent.
- Jan 24, 2024,
- Updated Jan 24, 2024 2:32 PM IST
Shares of SAIL, Vedanta Ltd, Tata Steel Ltd and Hindalco Industries Ltd climbed up to 6 per cent, with the benchmark index BSE Metal rising over 3 per cent in Thursday's trade, as a Bloomberg report qupting People’s Bank of China Governor Pan Gongsheng suggested that China would cut the reserve requirement ratio for banks in early February to unleash more money and help the ailing economy.
The news brought cheer to the metals counters with SAIL climbing 5.51 per cent to Rs 114.85. China is the largest consumer of metals. NMDC shares jumped 4.49 per cent to Rs 221.60. Shares of Hindalco Industies rose 4.29 per cent to Rs 565.17.
Vedanta shares advanced 4.14 per cent to Rs 262.60. Tata Steel shares were up 3.77 per cent at Rs 135. Coal India, JSW Steel, JSL and Jindal Steel gained up to 3 per cent.
The 0.5 percentage-point cut to the ratio, or the amount of cash that banks have to keep in reserve, on February 5 will provide 1 trillion yuan ($139 billion) in long-term liquidity to the market, a Bloomberg report quoting Pan suggested.
Also read: Hot stocks on January 24: IRFC, HDFC Bank, IFCI, Tanla Platforms and more
Shares of SAIL, Vedanta Ltd, Tata Steel Ltd and Hindalco Industries Ltd climbed up to 6 per cent, with the benchmark index BSE Metal rising over 3 per cent in Thursday's trade, as a Bloomberg report qupting People’s Bank of China Governor Pan Gongsheng suggested that China would cut the reserve requirement ratio for banks in early February to unleash more money and help the ailing economy.
The news brought cheer to the metals counters with SAIL climbing 5.51 per cent to Rs 114.85. China is the largest consumer of metals. NMDC shares jumped 4.49 per cent to Rs 221.60. Shares of Hindalco Industies rose 4.29 per cent to Rs 565.17.
Vedanta shares advanced 4.14 per cent to Rs 262.60. Tata Steel shares were up 3.77 per cent at Rs 135. Coal India, JSW Steel, JSL and Jindal Steel gained up to 3 per cent.
The 0.5 percentage-point cut to the ratio, or the amount of cash that banks have to keep in reserve, on February 5 will provide 1 trillion yuan ($139 billion) in long-term liquidity to the market, a Bloomberg report quoting Pan suggested.
Also read: Hot stocks on January 24: IRFC, HDFC Bank, IFCI, Tanla Platforms and more