The metal index on the NSE has tumbled 14 per cent so far from its historic peak and continues to drift lower
India has diverted coal supplies from the non-power sector, and put on hold plans for some fuel auctions, in a bid to ensure coal availability for utilities and tackle widespread power outages
According to Vinay Rajani of HDFC Securities, metal as a sector has been outperforming for a while and technical setup of the metal index is much stronger than Nifty.
National Aluminium Company Ltd (Nalco) on Monday said its December quarter consolidated profit surged over three times to Rs 830.67 crore. The company had posted a profit of Rs 239.71 crore for the year-ago period, Nalco said in a filing to BSE. Income during the quarter increased to Rs 3,845.25 crore over Rs 2,414.95 crore in the year-ago period, the filing said. The company paid final dividend of Rs 1 per equity share amounting to Rs 183.66 crore for 2020-21. With this, the total amount of dividend payout for 2020-21 is Rs 3.50 per equity share -- interim dividend of Rs 2.50 per share and final dividend of Rs 1 per share amounting to Rs 644.27 crore.
The Nifty Metal index can clock a new high, if it manages to cross and sustain above the 6,000-mark.