Moneycontrol
Last Updated : Oct 08, 2018 03:04 PM IST | Source: Moneycontrol.com

Metal stocks fall with Vedanta plunging 11%, hits new 52-week low; Hindalco, NALCO shed 5-9%

The top losers include Vedanta which plunged 12 percent thereby hitting new 52-week low. Hindalco Industries followed which shed over 9 percent while NALCO is down close to 7 percent and Hindustan Zinc is down over 5 percent.

Sandip Das @Im_Sandip1
 
 
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The Indian stock market has once again plunged this afternoon with the Nifty50 shedding 114 points, trading at 10,202 while the Sensex has lost 391 points at 33,985.

The breadth of the market favoured declines, with 359 stocks advancing, 1400 declining and 311 remaining unchanged. On BSE, 597 stocks advanced, 2002 declined and 141 remained unchanged.

Metal stocks have taken one of the most brutal beating today with the Nifty metal tanking 5 percent as most of the stocks trade well into the red. The top sectorial losers include Vedanta which plunged 12 percent thereby hitting new 52-week low. Hindalco Industries followed which shed over 9 percent while NALCO is down close to 7 percent and Hindustan Zinc is down over 5 percent.

The other losers include Hindustan Copper, Jindal Steel & Power, Steel Authority of India, Tata Steel and Welspun Corp.

The S&P BSE metal index is down over 4 percent with loses from Vedanta, Hindalco Industries, NALCO, Hindustan Zinc, SAIL and Tata Steel. On the other hand, Coal India and JSW Steel are trading in the red.

Global research firm JPMorgan has maintained overweight stance on Vedanta: However, the house has cut target to Rs 345 from Rs 400 per share. It has also cuts EPS estimates by 19-20 percent for FY19-20 driven by lower zinc business.

Macro is unhelpful, but progress on the projects should be a positive catalyst. However, given the growth prospects, diversified earnings and attractive valuations, share price should rebound," it added.
First Published on Oct 8, 2018 03:03 pm
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