Hindustan Zinc, Hindustan Copper, Vedanta & 3 other stocks hit one-year high levels as metal index shines

A majority of metal stocks scaled their one-year high levels on Tuesday. Sub-index Nifty Metal saw a 1.13 per cent uptick to settle at 8,894.40. Shares of Hindustan Zinc Ltd gained the most as the stock zoomed 18.46 per cent to hit a 52-week high of Rs 408.

Hindustan Copper emerged as the second-most gainer from the metal pack on NSE. The stock surged 10.58 per cent to touch its one-year high value of Rs 366.40.

Vedanta shares jumped 5.01 per cent to hit a 52-week high of Rs 339.50. Steel Authority of India Ltd (SAIL) soared 4.88 per cent to hit Rs 153.45.

National Aluminium Company Ltd and Tata Steel Ltd also touched their one-year high levels. Hindalco Industries added about 2.05 per cent. It was the second-highest percentage gainer on Nifty50.

Metal stocks advanced today amid expectations of a worldwide manufacturing rebound.

"Flat steel domestic prices have declined 5 per cent whereas the long steel domestic prices have declined 4 per cent sequentially in Q4 FY24. Most of the companies will experience blended realisations fall of c.2,500/t while volumes are expected to be 5-10 per cent better. The coking coal costs is expected to rise by $15-25/t qoq, whereas the iron ore prices have increased by Rs 400-450/t. EBITDA/t is expected to fall by Rs 2,500-4,000/t for most of players on a sequential basis," brokerage PhillipCapital stated.

"Aluminium/Zinc/Lead LME realizations fell 0 per cent/1 per cent/2 per cent while copper was up by 3 per cent sequentially. Indian rupee was largely stable. Q4 is traditionally better w.r.t. to volumes and most of the companies will see stable to marginally better volumes qoq. CoP to also remained flattish to 1 per cent lower. Overall, we expect operating performance from all of the non-ferrous companies to be marginally better sequentially," it further said.